HOOPP and Abacus Data's 2026 Canadian Retirement Survey

Benefits Canada reports that according to new survey by HOOPP and Abacus Data, 65% of younger Canadian employees willing to switch jobs for a DB pension plan: 

Nearly two-thirds (65 per cent) of Canadian employees aged younger than 35 say they’d consider changing jobs if a new employer offered a defined benefit pension plan, according to a new survey by the Healthcare of Ontario Pension Plan and Abacus Data.

The survey, which polled more than 2,000 workers, found 63 per cent of younger Canadians said they might relocate to another community to have access to a job with a DB pension.

More than nine in 10 Canadians said they’d choose to pay nine per cent of their salary, with contributions matched by their employer, into a DB pension plan in exchange for secure lifetime income in retirement. Seven in 10 (69 per cent) said they’d take a slightly lower salary if the job came with a pension and more than half (57 per cent) said they’d choose a guaranteed lifetime pension over home ownership.

Roughly six in 10 (63 per cent) of employees aged 55 to 64 said they don’t feel prepared for retirement and more than half (57 per cent) of all respondents said one of the reasons they haven’t been able to save for retirement is that they live paycheque to paycheque.

More than two-fifths (43 per cent) said they may never be able to retire because of their financial situation, while 50 per cent said they’d need to continue working in their retirement years to support themselves financially. 

Among homeowners, 41 per cent said they plan to rely on the sale of their home as part of their retirement planning, but 60 per cent said they’re worried about their ability to pay off their mortgages in time so they can retire when they want to.

Seven in 10 (71 per cent) respondents aged 18- to 34 who don’t own a home felt higher interest rates will impact their ability to buy a home in the future and 84 per cent said they’re concerned about the increasing cost of rent.

“This year’s survey shows that pensions are becoming an important differentiator in the competition for talent, in health care and other industries,” said Jennifer Rook, the HOOPP’s vice-president of government, regulatory and stakeholder affairs, in a press release. “In uncertain economic times, young workers are looking for employers that provide long-term peace of mind. Access to a defined benefit pension offers that kind of security.” 

Gigi Suhanec of the National Post also reports most Canadians would happily part with 9% of their salary to secure a pension and their retirement, says survey: 

Canadians are so worried about their ability to retire that most would contribute nine per cent of their salary to a defined-benefit pension plan as long as their employer matched those contributions, says a survey by the Healthcare of Ontario Pension Plan (HOOPP).

“Among Canadians, financial strain and inconsistent saving behaviour continue to reinforce the value of DB pensions,” HOOPP said in the report released on Thursday, adding that 91 per cent would exchange nearly a 10th of their pay “for a secure lifetime income in retirement.”

Defined-benefit pension plans are the gold standard in retirement since they provide a guaranteed income for life, while defined-contribution plans do not have income guarantees and individuals must make their own investment decisions.

So valuable is a defined-benefit pension plan that most younger people said it was worth changing jobs or relocating to a more distant location to get one, and a majority said they would take less pay in exchange for a better or any pension.

HOOPP, which has $132 billion in net assets, said the 2,000 people surveyed in early April for its eighth annual retirement survey also have hurdles to overcome to enjoy their retirement years.

For example, only 58 per cent of people who aren’t retired said they had saved some money for retirement “at any point,” while less than half said they had done any saving in the past year.

Meanwhile, nearly four in 10 said they weren’t keeping pace with their current standard of living, a five percentage point increase from 2025.

Having enough money to retire ranked among people’s top five concerns, HOOPP said, adding that inflation and its effect on the daily cost of living are ongoing concerns.

HOOPP said Canadians are rethinking home ownership as the best means to fund retirement, with almost half saying that building up home equity is no longer the best way to go about preparing for the golden years.

Forced to choose, more people said they would rather have a guaranteed pension for life than own a home.

“Workplace pensions are increasingly viewed as protective,” HOOP said, and “more valuable in uncertain times.”

A separate retirement survey by EQ Bank said a slight majority of respondents think elevated economic uncertainty is having a negative impact on their retirement savings, investments and pension income.

Homeowners aged 45 and up who were already retired said they were cutting back spending in several areas, including dining out, buying treats and putting off vacations and home renovations, because they were worried about money, according to the survey conducted in mid-May.

About six in 10 said they worry about their financial comfort in retirement, with that number rising to nearly eight in 10 for those aged 45 to 54.

But some of that worry dissipates for older homeowners aged 55 to 75-plus who have already permanently clocked off. 

Yesterday, HOOPP issued a press release stating young workers are willing to make career trade-offs for jobs with pensions: 

TORONTO, June 25, 2026 — In an economy where young people feel increasing uncertainty about housing, saving money and the cost of living, nearly two-thirds of Canadians under the age of 35 say they would consider changing jobs if a new employer offered a defined benefit (DB) pension plan, according to new research by the Healthcare of Ontario Pension Plan and Abacus Data. With an aging population and growing demand for healthcare workers, the survey’s data also suggests that access to a DB pension could play a critical role in attracting and retaining healthcare talent.

The 2026 Canadian Retirement Survey sheds light on how the next generation sees access to workplace pensions as a competitive advantage for employers — so much so that 65% of the survey respondents age 18-34 said they would consider changing jobs if another workplace offered either a DB pension or a better pension than they currently have. Furthermore, 63% of younger Canadians said they might relocate to another community to have access to a job with a DB pension. For healthcare organizations, including those serving smaller, rural or underserved communities, that willingness to move could be particularly important as governments and employers look for ways to strengthen staffing across the system.

HOOPP has conducted the Canadian Retirement Survey annually since 2019, tracking Canadians’ views on retirement planning and related financial pressures. For the 2026 survey, Abacus Data surveyed 2,000 Canadians.

Abacus also conducted a separate sample of 803 healthcare workers, covering the same core topics as the general survey along with some healthcare-specific issues. That survey found younger healthcare workers see pensions as protection against economic anxiety and an important way for employers to attract and retain workers.

The findings of both surveys show DB pensions are emerging as a powerful factor in the labour market, particularly among younger workers — with important implications for Canada’s healthcare workforce.

“This year’s Canadian Retirement Survey shows that pensions are becoming an important differentiator in the competition for talent, in healthcare and other industries,” said Jennifer Rook, HOOPP‘s Vice President of Government, Regulatory and Stakeholder Affairs. “In uncertain economic times, young workers are looking for employers that provide long-term peace of mind. Access to a defined benefit pension offers that kind of security.”

David Coletto, CEO of Abacus Data, said Canadians increasingly see pensions as a source of stability and security.

"Our research shows that younger workers are actively looking for employers that can provide long-term financial security, and many are willing to make significant career trade-offs to get it,” said Coletto. “In today's economy, pensions are no longer just a retirement benefit — they're becoming a competitive advantage for employers."

More than nine-in-10 Canadians, including healthcare workers, would choose to pay 9% of their salary, with contributions matched by their employer, into a DB pension plan in exchange for a secure lifetime income in retirement. A vast majority (69%) of the general population survey respondents said they would take a slightly lower salary if the job came with a pension. When forced to choose between owning a home and having a guaranteed lifetime pension, more than half of Canadians (57%) chose the pension.

Among healthcare workers, 89% said DB pensions are key to attracting future people into the sector — a finding that carries increased importance as almost all (95%) agree that Canada’s healthcare system will need to grow significantly to support an aging population.

As in previous years, the 2026 Canadian Retirement Survey continues to show that many Canadians are financially unprepared for life after work. Among this year's findings:

• 63% of people between the ages of 55-64 say they don’t feel prepared for retirement.
• 57% of respondents said one of the reasons they have not been able to save for retirement is that they live paycheque to paycheque.
• 43% felt they may never be able to retire because of their financial situation, while 50% said they would need to continue working in their retirement years to support themselves financially.
• 41% of respondents who are homeowners plan to rely on the sale of their home as part of their retirement planning, but 60% are worried about their ability to pay off their mortgages in time so they can retire when they want to.
• 71% of respondents aged 18-34 who don’t own a home felt higher interest rates will impact their ability to buy a home in the future; 84% of that group also said they were concerned about the increasing cost of rent.

The findings from the Canadian Retirement Survey are based on an online survey of 2,000 Canadians aged 18 and older from April 9 to 15, 2026. The margin of error for a comparable probability-based random sample of the same size is +/- 2.19%, 19 times out of 20. A separate online survey of 803 Canadian healthcare workers aged 18 and older was conducted April 10-20. The margin of error for the healthcare survey is +/- 3.45%, 19 times out of 20. The margin of error for both surveys will be larger for data that is based on sub-groups of the total sample. Data for both surveys were weighted according to census data to ensure the sample matched Canada’s population according to age, gender, educational attainment and region. Totals may not add up to 100 due to rounding.

About the Healthcare of Ontario Pension Plan

HOOPP serves Ontario's hospital and community-based healthcare sector, with more than 870 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, physicians and many others who provide valued healthcare services. In total, HOOPP has more than 504,000 active, deferred and retired members.

HOOPP is fully funded and manages a highly diversified portfolio of $132 billion in assets that span multiple geographies and asset classes. HOOPP is also a major contributor to the Canadian economy, paying more than $4.1 billion in pension benefits annually.

HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP's mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU) and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.

Alright, it's Friday, I'll end with some market comments but I wanted to bring HOOPP/ Abacus Data's latest Canadian Retirement Survey to your attention. 

Let me begin by thanking Scott White, Senior Director, Public Relations at HOOPP, for sharing it with me earlier this week.

As the press release states, HOOPP has conducted the Canadian Retirement Survey annually since 2019, tracking Canadians’ views on retirement planning and related financial pressures. For the 2026 survey, Abacus Data surveyed 2,000 Canadians.

You can read the Executive Summary here and below:

Executive summary

The Healthcare of Ontario Pension Plan (HOOPP) partnered with Abacus Data to conduct its eighth annual Canadian Retirement Survey in the spring of 2026. Conducted annually to track Canadians’ views on retirement security, the survey has been updated to examine implications of Canada’s aging population, rising demand for healthcare workers and mounting pressure on the healthcare system. This year, the survey takes a closer look at retirement security for healthcare workers and the broader value of defined benefit (DB) pensions for the Canadian healthcare system, while continuing to reflect the views of Canadians overall.

The results show that DB pensions continue to be viewed as a preferred retirement savings tool and a trusted source of retirement security. In healthcare, DB pensions are key to attraction, retention, and workforce stability. Among Canadians more broadly, financial strain and inconsistent saving behaviour continue to reinforce the value of DB pensions. More than nine-in-10 Canadians, including healthcare workers, would choose to pay 9% of their salary, with contributions matched by their employer, into a DB pension plan in exchange for a secure lifetime income in retirement. That sentiment persists, even as many Canadians prioritize their daily expenses over saving for retirement.

Key findings

DB pensions are a critical component of talent strategy and workforce stability in healthcare 

Healthcare workers place a high value on workplace pensions as a key component of compensation and long‑term commitment to working in healthcare. Nearly all healthcare workers (96%) say workplace pensions are important to attracting and retaining workers in general, and a significant majority agree that DB pensions help retain experienced healthcare staff (90%). More critically, among healthcare workers, DB pensions are seen as key to attracting future healthcare workers (89%), a finding that carries increased importance as almost all (95%) agree that Canada’s healthcare system will need to grow significantly to support an aging population.

Among healthcare workers with a DB pension, pensions strongly influence job decisions and financial well-being:

• 89% rank their pension as either the most important or among the most important workplace benefits, and more than half (54%) say their DB pension is as important as pay.
• More than one‑third (37%) say they would begin looking for another job if their employer stopped offering a DB pension.
• 87% say their pension provides peace of mind about their long‑term financial future.

For healthcare workers without access to a DB pension, the demand is significant:

• 85% say it would make their workplace more attractive over the long term, including 81% of those aged 18 – 34.
• 87% say access to a DB pension would provide greater peace of mind about their financial future.

Healthcare workers also report a willingness to make trade-offs, in fact, some findings tied to pension access may be hard to believe. Nearly three‑quarters (73%) say they would accept slightly lower pay to work closer to home if a DB pension were maintained, and 65% say they would consider relocating to a less urban community in exchange for access to a DB pension. Beyond compensation, 88% of healthcare workers say that providing retirement benefits like pensions allows them to focus more on patient care and improves their mental health. 

DB pensions are a tool to anchor the next generation of healthcare workers 

Younger healthcare workers in particular report high demand for pensions as they consider employment. The role of DB pensions in attracting and retaining healthcare talent takes on greater importance when considering that almost one in four healthcare workers aged 18 – 34 (24%) say they have seriously considered leaving their current employer (compared to ages 35 – 54 (22%), 55 – 64 (17%)).

Among healthcare workers with a DB pension aged 18 – 34 years:

• 92% rank a DB pension as either the most important or among the most important benefits overall.
  • 58% say their pension is as important as pay.
  • 32% rank their pension as their most important workplace benefit.
• Nearly eight-in-10 (79%) agree that without their DB pension, they would be more likely to consider leaving their profession. This pattern underscores the importance of DB pensions in attracting and retaining the next generation of healthcare workers.

Pension access also influences younger workers’ (aged 18 – 34) willingness to relocate. Nearly seven-in-10 (69%) would consider moving to a less urban community for a job with a DB pension, the highest of any cohort. When forced to choose, more than half (58%) would prefer a job in a remote or underserved community with a DB pension over a local job without one. Two-thirds of younger healthcare workers (66%) say they would encourage young people or their own children to pursue a career in nursing, specifically because of the pension offering. 

Canadians strongly support DB pensions as essential to healthcare workforce stability 

Support for DB pensions in healthcare remains strong among Canadians. More than eight-in-10 Canadians (84%) support DB pensions for healthcare workers, and 78% agree that providing retirement benefits allows healthcare workers to focus on patient care without worrying about long-term financial security.

Healthcare workers and Canadians are also clearly aligned on what keeps healthcare workers in the profession:

• Salary (77% of healthcare workers vs. 71% of Canadians)
• Pensions (46% vs. 44%)
• Work-life balance (42% vs. 36%)

Both groups identify similar pressures facing Canada’s healthcare system. Healthcare workers most often cite staff shortages (70%), burnout (57%), and long wait times (46%) as the biggest challenges. Canadians cite staff shortages (62%) and long wait times (56%), along with the aging population (47%). Given broad agreement on healthcare staff shortages, access to DB pensions – particularly for younger healthcare workers – is critical.

 

Workplace pensions remain highly valued by all Canadians

There is also broad willingness to contribute toward pension security. More than nine-in-10 healthcare workers (93%) and Canadians (91%) say they would be willing to contribute 9% of their salary to an employer-matched DB pension.

Despite recognizing the importance of retirement security, many Canadians remain financially constrained and underprepared:

• Only 58% of unretired Canadians report having saved for retirement at any point.
• Fewer than half of unretired Canadians (46%) say they saved in the past year.
• Almost four-in-ten (38%) Canadians say they are falling behind when thinking about their current standard of living (+8 points from 2025).

Cost-of-living pressures continue to limit saving capacity, with 79% worried about the impact of inflation on daily expenses. Cuts to government healthcare services (61%) and having enough money in retirement (56%) are cited as one of top five concerns for Canadians.

Against this backdrop, workplace pensions are increasingly viewed as protective. Nearly seven-in-10 Canadians (68%) say workplace pensions are more valuable in uncertain times (+6 from 2025). Canadians continue to view pensions as efficient and broadly beneficial:

• 74% say retirement benefits are more of an investment in human capital than a cost to businesses.
• The vast majority of Canadians believe all workers should have access to an affordable retirement savings arrangement (85%) and that it is in everyone’s interest for more people to have better retirement savings (86%).

Canadians are re-evaluating the long-standing idea that housing alone can secure retirement, especially amid affordability pressures and uncertainty:

• Nearly half of Canadians (49%) say home equity is no longer the best way to fund retirement.
• When forced to choose, a majority (57%) say they would rather have a guaranteed lifetime pension even if it meant never owning a home, compared with 43% who would prefer homeownership without access to a workplace pension.

Conclusion

The 2026 Canadian Retirement Survey highlights the central role DB pensions play in supporting healthcare workforce stability, well-being, and long‑term commitment. For healthcare workers, pensions are not only a key component of compensation, but a source of financial confidence that supports retention, enables mobility to underserved communities, and allows workers to focus on patient care, particularly among younger workers who report higher mobility and financial pressure. In this context, DB pensions are more than just a workplace benefit. They are a critical lever for talent strategy, underpinning attraction, retention, and workforce stability in healthcare.

Beyond healthcare, the findings point to financial strain among Canadians and continued challenges in saving for retirement. At the same time, there is broad recognition of the value of workplace pensions, especially DB pensions, as a stabilizing and protective source of lifetime retirement income, along with strong support for expanding access and a clear willingness to contribute. Taken together, the results underscore a growing consensus that DB pensions are part of the solution, supporting individual financial security, workforce sustainability, and broader economic resilience.

Methodology

These findings are based on two online surveys conducted in April 2026. The first surveyed 2,000 Canadians aged 18 and older from April 9 to 15, 2026. The second surveyed 803 Canadians aged 18 and older who are currently working in healthcare from April 10 to 20, 2026. Healthcare respondents worked across a range of settings and roles, including hospitals, long-term care, primary care, home care, private clinics, healthcare administration, and support services. A random sample of panelists was invited to complete the surveys from a set of partner panels. These partners typically use double opt-in survey panels, blended to reduce potential skews in the data from a single source.

The margin of error for a comparable probability-based random sample of 2,000 respondents is +/- 2.19%, 19 times out of 20. For the healthcare worker sample (n=803), the margin of error is +/- 3.45%, 19 times out of 20. The margin of error will be larger for data based on sub-groups of the total sample.

The general population data were weighted according to census data to ensure the sample matched Canada's population according to age, gender, educational attainment, and region. The healthcare worker data were weighted to ensure the sample was representative of the Canadian healthcare workforce according to age, region, educational attainment, and healthcare setting. Totals may not add up to 100 due to rounding.

Note:
For workers’ aged 18 – 34 with DB, N is below 100

Alright, I recently discussed a CAAT Pension Plan report on the 9 Realities of Canadian Retirement, and the latest Canadian Retirement Survey confirms that most younger Canadians are unprepared for retirement, they recognize the value a good pension, and the explosion in the cost of living is adding to their retirement angst.

Look, I've been doing this blog for nearly two decades and have been talking about the looming retirement crisis forever, so these findings don't shock me.

The thing I find constructive is that more and more Canadians, especially younger healthcare workers, are recognizing the value of a good pension. 

That comes out loud and clear in the latest survey.  

Not only are younger Canadians willing to relocate for a job with a better pension plan, they're also willing to take a pay cut if they gain access to a DB plan.

More surprisingly, over half of the respondents (57%) are willing to forgo a home over a DB pension, but that may be a function of the housing affordability many young Canadians face.

The clear message, however, is a DB pension is an important part of attracting and retaining talent.

Look, for the richest Canadians, retirement is easy, they not only have housing and financial assets, they also have favourable tax treatment through corporations with a CDA and life insurance policies to minimize their tax bill and help with estate planning. 

Most Canadians are not in that predicament. They earn modest incomes and literally live paycheck to paycheck.

In fact, the average TSFA balance across all age groups in Canada is $33,000, well below the $109,000 maximum contribution since inception of the program (2009).

Roughly 950,000 Canadians have over $100,000 in their TFSA, or 5% of the population, and these tend to be highly paid professionals who can easily afford their annual contribution, on top of maxing out their RRSPs.

I don't want to bore you with details, but when you really look into the numbers, it's dismal. The majority of hardworking Canadians do not have enough saved to retire comfortably, and are heavily reliant on CPP/ OAS and even GIS when they retire.

"So what? Why should we care? If they weren't smart enough and diligent enough to save for their retirement, tough luck for them!" 

Well, it's not that easy. No matter where you lie on the political spectrum, I think we can all agree that the more people who retire in dignity and security, the better off the Canadian economy will be. 

And that is what the point of all these surveys is, more and more younger Canadians are realizing that they need to plan for retirement earlier and they see the value of a good pension.

It's not only good for their retirement, it's also good for the country as a whole. 

Alright, let me wrap it up there.  

Lastly, on markets, it looks like the rally in semis is coming to an end while defensive healthcare stocks are doing well but it's too soon to tell if this is a change in trend.

Two stocks that caught my attention this week:

 

I'll cover markets more in-depth next week or the week after because I'm taking it easy this week and next week, will post minimally.

Below, a clip that dives into the latest CRA data to reveal exactly how your TFSA compares to the average Canadian.

Also, the CNBC Investment Committee debate how to trade around the bumpy ride in the NASDAQ. The desk share their market strategy.

lastly, Jeremy Grantham, GMO co-founder and long-term investment strategist, joins 'Squawk Box' to discuss the latest market trends, state of the economy, we're in a bubble and how to know when it will burst, state of the AI boom, SpaceX IPO, and more.