Turning Savings into Security: Canadians Feel on Track for Retirement, But Worry About What Comes Next

TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Canadians are confident about the progress they are making toward building retirement savings, but many are less certain about whether those savings will ultimately provide the security they need, according to BlackRock’s first Canada Read on Retirement™ report.

Among Canadians participating in a workplace retirement savings plan, 61% believe they are on track to achieve the lifestyle they expect in retirement and 65% are optimistic about their financial well-being over the next few years. Yet beneath that confidence, 68% worry about outliving their retirement savings, 72% say they may need to slow their retirement contributions in the next year, and 90% say they would feel more confident if their retirement plan helped smooth financial ups and downs throughout their lifetime.

The findings point to the next challenge for Canada’s retirement system: helping people turn the savings they have built into lasting retirement security. As people live longer, navigate greater uncertainty and take on more responsibility for their financial futures, retirement is being rewired. Retirement solutions need to evolve with them — helping people not only build savings but better understand how those savings can support them throughout retirement.

“Canada has built a strong foundation for helping people save for retirement, but our research shows there is still uncertainty about what comes next,” said Katherine Tweedie, Country Head of Canada, BlackRock. “Our Read on Retirement report highlights both the progress Canadians have made and the challenges they continue to face. As Canada’s largest manager of target date funds¹, we are leveraging these insights alongside our global retirement expertise and investment capabilities to continue to deliver solutions that support millions of Canadians throughout their retirement journey.”

Canada's retirement ecosystem has helped millions of workers build long-term savings. In BlackRock's view, the next opportunity is to help more Canadians turn those savings into lasting retirement security. Plan design, investment strategies, guidance and retirement-planning tools can all play a role in reducing the burden on individuals and helping them navigate the transition from accumulating savings to spending confidently in retirement.

The Canada Read on Retirement report brings BlackRock’s global retirement research to Canada, drawing on the firm’s deep retirement expertise, with more than half of the assets BlackRock manages globally supporting people in retirement.

“Canadians have made meaningful progress building retirement savings, but saving is only part of the equation,” said Nick Nefouse, Global Head of Retirement Solutions and Head of LifePath at BlackRock. “As people move through different stages of life, they face different retirement challenges, from balancing competing priorities early in their careers to making decisions about income, spending and risk later on. The opportunity for the industry is to deliver solutions that evolve with investors throughout that journey, helping turn long-term savings into lasting retirement security.”

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¹ Canada’s largest target-date fund solution by assets under management”, Morningstar 2026 Canadian Target-Date Landscape, March 2026

Key Findings from the Survey:

Confidence today, questions about tomorrow

Canadians have done a good job prioritizing saving for retirement; however, questions remain about how long savings may last.

• Just over half (61%) of workers who participate in a retirement savings plan say they are ‘on track’ to achieve the lifestyle they expect and nearly two-thirds (65%) say they are optimistic about their financial well-being over the next few years.
  
• Confidence is higher in wealthier households - just 54% of participants living in households with an income of less than $75,000 said they are on track for retirement versus 72% of those with household incomes of $150,000 or more.
  
• At the same time, 68% of Canadians worry about outliving their retirement savings and 56% think they should be saving more.
  

Rising cost of living weighing on Canadian confidence

Despite many Canadians feeling overall confident about their savings, an average of 77% of Canadian participants say that higher inflation and market volatility have made it harder to stay on track. These challenges are strongest for those just starting their careers (Gen Z).

• 62% of Canadians say they expect rising living expenses to create financial challenges for them and nearly three-quarters (72%) of Canadian workers think they may need to slow their retirement contributions in the next year.
  
• Only around a quarter of Canadians are confident they won’t need to slow down their contributions this year.
  

A generational divide in retirement confidence

Another key finding is the generational split between savings confidence levels. BlackRock’s analysis suggests that as retirement challenges evolve over time, Canadians who are closer to retirement appear to be less confident about their retirement plans than those in the early days of their careers.

• Nearly three quarters (70%) of Gen Z participants feel they are on track for retirement, compared with 51% of Gen X participants – showing signs that confidence is shifting as retirement gets closer.
  
• Nearly 77% of mid-career participants expect they may need to reduce retirement contributions in the coming year and 67% of Gen X respondents say they worry about outliving their savings.
  
• One thing that rings true across all generations is that Canadians today worry their retirement will be shaped by a larger range of risks and decisions than previous generations had to face. 80% say “My generation won’t have the retirement certainty that past retirees had.”
  
• And for those currently in retirement, 82% say they are confident their savings will support them throughout their remaining journey.
  

From building savings to greater retirement security  

Despite strong confidence in savings, nearly three-quarters (74%) struggle to understand how today's savings will actually fit into their long-term retirement plan. Canadians say they are looking for a clearer explanation of how savings will translate into spending, greater comfort through uncertain markets, and investment approaches that will evolve as their needs change.

• 65% are unsure how to calculate how much they will need to spend in retirement, in part because they don’t know what retirement living will look like for them.
  
• Participants are also looking for support to close the understanding gap: 83% say retirement spending and withdrawal-planning tools would be helpful, while 81% would like greater access to a financial professional for retirement-plan guidance.
  
• 90% of Canadians say they would feel more confident if their retirement plan helped smooth financial ups and downs throughout their lifetime and 92% said they would feel more at ease if their retirement savings adapted over time.
  

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The survey was conducted by Escalent, an independent research firm, and reflects the experiences of Canadians across different parts of the retirement journey. A total of 1,009 Canadian workplace plan participants and 305 Canadian retirees were surveyed between May 25 and June 25, 2026.

About the 2026 BlackRock Canada Read on Retirement™ report
The 2026 BlackRock Canada Read on Retirement report provides insights from a research survey of workplace savers and retirees in Canada. The survey was conducted by Escalent, an independent research firm, and reflects the experiences of Canadians participating in the workplace retirement system and retirees. While the findings highlight the opportunities and challenges facing these Canadians, retirement outcomes among those without access to an employer-sponsored retirement plan may differ.

About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

Media Contact:
Sydney Punchard
Sydney.punchard@blackrock.com