Table 4 Retirement preparation by family type

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  Employed low-income Not-employed low-income Employed non-low-income
Financially preparing for retirement 52 24* 85*
Sources of revenue included in financial plan
Government pensions 81 86* 82*
Employer pensions 44 33* 61*
Registered Retirement Savings Plan (RRSP) 65 50* 85*
Sale of assets 31 33 35*
Rely on family or inheritance 30 39* 27*
Earnings in retirement 53 50* 52*
Reason for not financially preparing for retirement1
Can't afford to, don't earn enough, income too low 50 39* 42*
Don't have a job, haven't worked long enough 14 40* 10*
Too many debts, bills, financial commitments 8 7* 11*
Don't think about it, haven't got around to it 11 7* 13*
I'm young, lots of time 10 F 11
Level of confidence of income in retirement
Very confident 12 14* 18*
Fairly confident 38 28* 53*
Not very confident 33 31* 22*
Not at all confident 16 26* 7*
Know level of income needed in retirement 26 22* 48*
1. Other reasons not shown in this table for not planning for retirement include relying on government pension; relying on partner's pension; relying on future inheritance; relying on financial support from family; don't think I'll live that long; waiting to get a job with a pension plan; and other reasons. Data for these reasons are excluded from the table due to low cell count.
* significant difference from the employed low-income (reference group) at the 5% level
F too unreliable to be published
Note: Results are age-standardized. Proportions for sources of revenue and reason not financially prepared may not add to 100% as responses are not mutually exclusive.
Source: Statistics Canada, Canadian Financial Capability Survey, 2009.