More retirees admit not having enough money to pay for wants
More Canadians are calling on Canada Pension Plan Investment Board (CPPIB) investors to put their fiduciary obligations first over investing in “nation-building” projects, a recent study by non-profit Angus Reid Institute found.
According to its study, about 72% of Canadians said that the fund should invest more in projects that bring in greater returns, with the viewpoint being shared across age, income levels, and retirement status.
The study further noted that 28% of Canadians who believed that the fund should focus more on projects that benefited the nation were likely to be part of lower income households. While majority of Canadians in all age groups believed that CPPIB should maximise returns for Canadians, the youngest among the respondents were more likely to state that the CPPIB should invest more in the country.
The findings followed the challenges faced by retirees as well as those who are nearing retirement over the last 10 years. There has been a decrease in the number of retirees who said that they had enough money to buy what they want, with the number dropping to 25% in 2025 from the 38% recorded in 2015. About 15% admitted that they were struggling to make ends meet.
When it comes to Canadians who are about to enter retirement, about 38% of them expected to face challenges in getting by, which was a notable rise from the 28% recorded in 2015.
Notably, the CPPIB had net assets of more than $714 billion by the end of the fiscal year. The pension fund had faced numerous criticism over its investment strategy, with many airing their concerns over its moves which did not focus enough on domestic projects. Prime Minister Mark Carney had been prioritising “nation-building projects,” which some Canadians have suggested the CPPIB to provide more funding for.
To gather its data, the Angus Reid Institute conducted a survey online among 3,228 adults that were a part off the Angus Reid Forum.
