Federal citizens' perspectives on pensions and pension reforms
In a recent survey conducted by the Civey Institute, commissioned by life insurer Canada Life, 61% of the 2,500 respondents expressed that the pension issue is of significant importance for their vote.
The pension issue appears to be a major concern for a large portion of the voting population, particularly for those aged 30 and above. Among voters aged 50 to 64, an impressive 67% stated that the pension issue plays a major role in their vote.
However, the survey also revealed a general skepticism towards the implementation of future-proof pension reforms, with 76% of respondents expressing doubts about the success of such initiatives. This skepticism extends across all age groups, as 85% of workers expressed their concerns.
Interestingly, significant differences in views on personal responsibility for building additional securities were found depending on professional status. Among workers, 38% believe that each citizen should take personal responsibility, which aligns with the national average of 38%. However, among students, 86% believe they should personally ensure their additional financial cushion in old age.
The 18 to 29 age group stands out in its views on personal responsibility, with 51% in favour, compared to 38% of the national average. Conversely, the majority of respondents (55%) believe that the state should bear the responsibility for pensions, with 45% believing that building additional securities alongside the statutory pension should be the state's responsibility.
It is noteworthy that among workers, 84% consider the pension issue important, which is 23 percentage points above the national average. However, 16% of respondents remained undecided about who should be responsible for building additional securities.
Unfortunately, the survey results do not contain specific information on the age groups and occupational affiliations of the respondents surveyed by Civey on behalf of the life insurance company Canada Life. Despite this, the survey provides valuable insights into the public's views on the pension issue and their expectations for future reforms.
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