The Financial Services Regulatory Authority of Ontario (FSRA) marked its third annual Pension Awareness Day with a consumer-facing message urging Ontarians to start retirement planning earlier, citing survey results that many households have not taken basic steps to prepare financially for retirement. A poll commissioned by FSRA found that while Ontarians rank saving for retirement as a higher priority than saving for a vacation or a new car, 76% have not developed a retirement plan and 66% have not calculated how much money they will need. FSRA highlighted workplace pensions as a key tool, with retirees citing employer contributions (81%), peace of mind (75%), and regular saving (71%) as top benefits. The release also encouraged people to confirm whether their workplace offers a pension, review annual pension statements (noting FSRA Consumer Office research that only one in two members read them), consider other retirement savings options if no workplace plan exists, maximize employer matching, and factor pension availability into job decisions (42% would consider a job with a pension but lower pay). The Forum Research online poll surveyed 1,000 Ontario residents aged 18+ between December 6 and December 16, 2024.
Financial Services Regulatory Authority of Ontario 2025-02-20
Financial Services Regulatory Authority of Ontario promotes Pension Awareness Day and cites poll showing most Ontarians lack a retirement plan
The Financial Services Regulatory Authority of Ontario (FSRA) stressed early retirement planning during its third annual Pension Awareness Day, noting 76% of Ontarians lack a retirement plan. A survey showed retirement saving is prioritized over vacations or new cars, yet many haven't calculated financial needs. FSRA highlighted workplace pensions as crucial, advising individuals to review pension statements and consider pension availability in job decisions.