Canadian Retirement Planning Behavior: How Reliance on a Government Pension Relates to Pre-Retirement Savings and Planning Behaviours

Canadians benefit from a robust government pension system that is designed to alleviate poverty. Concerns remain that Canadians are not saving enough for retirement. This study examines whether expected reliance on Canada’s government pension system is associated with non-retired Canadians’ engagement with retirement saving behaviour. Controlling for a variety of demographic and socioeconomic factors, this study supports the hypotheses that Canadians who expect to rely on government pensions are less likely to save and/or calculate retirement needs. This may contribute to retirement shortfalls. Implications for policymakers, practitioners, and researchers are discussed.