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Toronto, Ontario
M5H 3S8
Commission des
valeurs mobilières
de l'Ontario

November 28, 2018

OSC study reveals generation gap when it comes to optimism about retirement

TORONTO – A new study released today by the Ontario Securities Commission (OSC) found that Canadians aged 18-34 are the most likely to believe their standard of living will increase in retirement, despite being the least likely to have started saving for retirement of any age group. The study was published as part of the OSC’s activities for Financial Literacy Month.

“Unexpected events, from family and health challenges to market turbulence, can have a major impact on our financial lives,” said Tyler Fleming, Director of the Investor Office at the OSC. “By planning for the long-term, we can place ourselves in a better position to respond to these events.”

The study covered several topics, including:

  • Retirement preparedness: 39 per cent of Canadians aged 18-34 believe their standard of living will improve in retirement, compared to only eight per cent of Canadians aged 55 and older. However, 34 per cent of men and 43 per cent of women aged 18-34 have not started saving for retirement.

  • Conversations about aging and finances: Most Canadian adults with parents aged 45 or older say their parents have not talked to them about how they would like their finances managed if they were no longer able to do so. However, over four in 10 (42 per cent) Canadian adults with parents aged 85 or older reported that they are responsible for managing their parents’ financial affairs.

The OSC published behavioural insights reports identifying tactics stakeholders can use to encourage long-term thinking and planning earlier this year. The reports focus on engaging millennials in investing and making planning for retirement simpler and less stressful.

The OSC’s research was conducted by Innovative Research Group and involved an online survey of 2,259 Canadians, aged 18 and older, between October 11 and 22, 2018. The results were weighted by age, gender and region using the latest Statistics Canada Census data to reflect the actual demographic composition of the adult population aged 18 and older residing in Canada.

The survey findings are available online at

Resources on retirement planning and other topics covered by the survey are available at
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at


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