Older Canadians Less Confident About Retirement, BlackRock Survey Finds

Canadians closer to retirement are less confident about their plans than younger people, according to a new BlackRock survey. The survey found 70 per cent of Generation Z respondents believe they are on track for retirement, compared with only 51 per cent of Generation X respondents. BlackRock said this shows confidence is shifting as retirement gets closer.

Nick Nefouse, global head of retirement solutions at BlackRock, said in a news release Tuesday: “Canadians have made meaningful progress building retirement savings, but saving is only part of the equation.” He added: “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.”

Gen Z confident despite competing costs

The report said Gen Z participants face the greatest concentration of competing financial priorities, with 81 per cent expecting major planned expenses to affect their ability to save. Yet they are also the most likely generation to feel on track for retirement. The report suggested confidence can be strongest when retirement remains a distant goal.

Gen X worries about longevity and costs

For Gen X, the picture is different. The survey found 67 per cent of Gen X participants worry about living longer than their savings will last. “As retirement approaches, financial pressure intensifies, and long-held assumptions are put to the test,” the report said.

BlackRock’s survey comes as Canadians are living and working longer than before. The report’s authors pointed to Statistics Canada figures showing the average retirement age hit a record high of 65.4 years in 2025, up from 61.6 two decades ago. Life expectancy has also gone up during that period, but by a lower amount.

Across all generations, the survey found fears that retirement will be influenced by a broader range of risks and decisions than previous generations had to deal with. Eighty per cent of respondents shared the sentiment that their generation won’t have the retirement certainty that previous ones had.

Inflation and market volatility weigh on plans

Higher living costs were also found to be weighing on attitudes toward retirement. Seventy-seven per cent of participants said inflation and market volatility were making it harder to stay on track.

Overall, the survey found Canadians are generally confident about the progress they are making toward saving for retirement. Among those who participate in a workplace retirement savings plan, 61 per cent believe they are on track to achieve their expected lifestyle when they finish working.