The Financial Services Regulatory Authority of Ontario is promoting the importance of retirement planning and the value of a workplace pension on the third anniversary of Pension Awareness Day taking place today Feb. 20.
In an emailed statement to Benefits Canada, Andrew Fung, executive vice-president of pensions at the FSRA, said he’s proud that more organizations are getting involved and supporting the occasion in Ontario and across Canada.
Read: FSRA monitoring target-benefit framework, pension risks in 2025
“This is the kind of growth and excitement we hoped to see when we launched Pension Awareness Day three years ago. This support is crucial to increasing awareness about the value of a workplace pension and the importance of starting early to think about and plan early for the retirement you want.”
According to a recent survey by the FSRA, 76 per cent of Ontarians said they haven’t developed an effective retirement plan, while 66 per cent haven’t even calculated how much money they’ll need in retirement.
“Many people may not fully realize the impact of their pension decisions until later in life, so being proactive helps ensure you’re not caught off guard when retirement arrives,” he said. “By increasing awareness, more people can take proactive steps to build the retirement they want and make informed decisions about their future.”
Fung said it’s important for workers to see how life events — such as changes in income and job transitions — can impact their future financial situation, leading to better planning and increased savings.
The FSRA survey also found tmore than half (58 per cent) of respondents said saving for retirement is a higher priority compared to saving for a vacation or a new car.
“These findings underline the importance of starting retirement planning early and highlight the value of workplace pensions in helping build a secure financial future.”
Read: FSRA promoting retirement planning with Pension Awareness Day