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Survey Finds 80% Of Canadians Would Take A Pension Over A Pay Raise

The vast majority of Canadians would rather have a secure pension than a higher salary, according to the findings of a new survey.

The poll of 2,500 Canadians conducted by Abacus Data found that eight in 10 respondents (80%) would rather have a traditional defined benefit pension plan than a higher salary at work.

The majority (83%) of those surveyed also believe the governments at all levels should update regulations around pension and savings plans.

Less than half of Canadians (44%) currently have access to a workplace pension plan of any kind, according to the survey, and nearly half (49%) of respondents who don’t have a workplace pension plan say they’ve saved absolutely nothing for retirement.

Furthermore, 75% of survey respondents expressed concern about their retirement savings, outpacing concerns surrounding other personal finance issues such as taxes and debt. Federal leaders have aimed to address concerns about retirement in the current election campaign, with the Liberals promising to boost Old Age Security and the Canada Pension Plan if re-elected, and the Conservatives pledging to increase the Old Age Credit.