Half of Canadians under the age of 50 are worried about their current and future financial state, according to a new report.
Global professional services company Towers Watson unveils this finding in the company’s “Global Benefits Attitude Survey,” which examines employees’ attitudes toward their health and retirement benefits. Conducted in 12 countries between July and September 2013, the survey was completed by 22,347 employees, including 1,708 full-time Canadian workers, representing all job levels and major industry sectors.
“The survey results suggest there are multiple sources contributing to this financial anxiety,” says said Karen Burnett, a senior Towers Watson retirement consultant. “Among them is the lack of confidence in financial support from public benefits.
“Less than one-third of the survey respondents believe that Old Age Security and the Canada/Quebec Pension Plans will continue to provide the same level of benefits in the future as they do today, and more than 70 percent of respondents believe we will see diminished coverage under provincial health care benefits,” she adds. “Canadian workers also continue to struggle with the corporate cut-backs of the past five years.”