Ninety per cent of Canadians would be willing to contribute more to a pension to ensure they have a predictable income at retirement, according to research by the Canadian Public Pension Leadership Council.
The survey, which polled 1,000 Canadians to understand their attitudes toward retirement income, asked participants to specifically quantify the maximum amount they would pay as a percentage of annual income to maintain their standard of living in retirement. Overall, 46 per cent of respondents said they’re willing to contribute 10 per cent or more of their annual income to pension and retirement savings.
Surprisingly, nine per cent said they’re willing to contribute 20 per cent or more of their annual income to achieve this outcome, including younger Canadians. More than half (53 per cent) of respondents aged 18 to 24 said they’re willing to contribute more than 10 per cent of their annual income to maintain their standard of living in retirement.
The willingness to contribute more is also fairly consistent across income levels. About two-thirds (67 per cent) of respondents who highly desire a lifetime pension and also reported an annual income of $25,000 or less said they would be willing to pay more to achieve this outcome. And 71 per cent with annual incomes of $25,000 to $49,000 said they would be willing to contribute more to have a lifetime pension.