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Canadian Retirement Planning Behavior: How Reliance on a Government Pension Relates to Pre-Retirement Savings and Planning Behaviours

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Listed:
  • Staples Tanya M.

    (Personal Financial Planning Department, Kansas State University)

  • Rollins-Koons Ashlyn

    (Personal Financial Planning Department, Kansas State University)

  • Anderson Gregory J.

    (Personal Financial Planning Department, Kansas State University)

  • Gray Blake

    (Personal Financial Planning Department, Kansas State University)

Abstract

Canadians benefit from a robust government pension system that is designed to alleviate poverty. Concerns remain that Canadians are not saving enough for retirement. This study examines whether expected reliance on Canada’s government pension system is associated with non-retired Canadians’ engagement with retirement saving behaviour. Controlling for a variety of demographic and socioeconomic factors, this study supports the hypotheses that Canadians who expect to rely on government pensions are less likely to save and/or calculate retirement needs. This may contribute to retirement shortfalls. Implications for policymakers, practitioners, and researchers are discussed.

Suggested Citation

  • Staples Tanya M. & Rollins-Koons Ashlyn & Anderson Gregory J. & Gray Blake, 2023. "Canadian Retirement Planning Behavior: How Reliance on a Government Pension Relates to Pre-Retirement Savings and Planning Behaviours," Financial Planning Research Journal, Sciendo, vol. 9(1), pages 1-18.
    • Handle: RePEc:vrs:finprj:v:9:y:2023:i:1:p:1-18:n:1001
    DOI: 10.2478/fprj-2023-0001
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    References listed on IDEAS

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    1. Anderson, Anders & Baker, Forest & Robinson, David T., 2017. "Precautionary savings, retirement planning and misperceptions of financial literacy," Journal of Financial Economics, Elsevier, vol. 126(2), pages 383-398.
    2. Janet Gornick & Eva Sierminska, 2021. "Wealth Accumulation and Retirement Preparedness in Cross-National Perspective: A Gendered Analysis of Outcomes among Single Adults," LWS Working papers 36, LIS Cross-National Data Center in Luxembourg.
    3. Steven N. Kaplan & Joshua D. Rauh, 2013. "Family, Education, and Sources of Wealth among the Richest Americans, 1982-2012," American Economic Review, American Economic Association, vol. 103(3), pages 158-162, May.
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