More than half (58 per cent) of Canadian workers aged 40 to 60 say financial stress is their No. 1 worry, according to a new survey by the Healthcare of Ontario Pension Plan.
The survey, which polled 2,800 full-time employees, found six in 10 (60 per cent) respondents said they thought about their current financial situation daily or weekly. By comparison, two-fifths (39 per cent) cited health concerns, worries about relationships or family issues (37 per cent) and work or school-related stress (37 per cent) as a top stressor.
Read: Survey finds Canadians’ financial well-being continues to decline amid rising inflation
Employees who are enrolled in a defined benefit pension plan (37 per cent) were more likely to agree they’ll be able to meet their financial needs in retirement than those without a workplace pension plan (26 per cent). DB plan members were also more likely to agree they’ll be satisfied with their financial situation in retirement (29 per cent versus 19 per cent of respondents without a DB plan) and that they’ll be able to maintain their current lifestyle and spending habits (27 per cent vs 23 per cent, respectively).
“The economic benefits of having a pension are well known and contribute to financial security in retirement,” said Ivana Zanardo, HOOPP’s head of plan services, in a press release. “There is growing evidence based on research by academics from around the world that financial stress can lead to serious health problems, but having a pension can reduce that stress.”
Read: 59% of Canadians with a workplace pension plan feel prepared for retirement: survey