For years, conventional wisdom has suggested that younger workers don’t care about retirement planning and that pensions aren’t even on their radar.

It’s an easy assumption to make. For an employee in their twenties, retirement can feel like a lifetime away. They’re more likely to be focused on paying rent, trying to buy a home, paying down debt or building a career than thinking about what life will look like at age 65.

But the latest findings from the Healthcare of Ontario Pension Plan’s Canadian retirement survey tell a different story. The HOOPP has been conducting its annual retirement survey since 2019 and this year’s research reveals some surprising insights on how those in the early stages of their careers are already worried about their long-term financial future.

Read: 65% of younger Canadian employees willing to switch jobs for a DB pension plan: HOOPP

The latest data shows young Canadians place tremendous value on retirement security — and they overwhelmingly want a job that offers a workplace pension. Nearly two-thirds of Canadians aged 18 to 34 say they would consider changing employers if another job offered a defined benefit pension plan, while a similar proportion say they’d consider relocating for access to one. More broadly, nine in 10 Canadians say they’d join a DB pension plan if given the opportunity. And about 70 per cent say they’d take a slightly lower salary if it meant the job came with a pension.

Clearly, there’s demand. The pension industry has been incredibly successful at delivering on its core promise: helping people achieve financial security in retirement. That promise remains as important as ever and should never be compromised. It’s something that I deeply believe every Canadian should have. But many pension plans were designed decades ago for a workforce and economy that looked very different from today’s.

The challenge for pension plan sponsors is........

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