Canadians are shifting their perspective on retirement, according to a new survey. 

Wealthsimple released survey findings on Thursday, which showed 74 per cent of Canadians between the ages of 24 and 44 say retiring at 65 to pursue a life of leisure has become an outdated concept. In a news release, the financial services company said the results reflect shifting attitudes toward retirement among Millennial and Gen Z Canadians that allow for personal and professional passions during adulthood. 

“This new outlook on retirement is motivated by more than a challenging economic climate,” Wealthsimple Chief Executive Officer Mike Katchen said in the release. 

“It’s a new perspective on the future driven by younger generations. They are looking for flexibility, personalization and control over their future, rather than feeling controlled by conventional wisdom.”

The survey also found that only seven per cent of those between the ages of 18 and 24 are planning for a traditional retirement. 

Other findings included that factors which supported previous generations into retirement, like home ownership or employer-sponsored pensions, are not as widely available. According to Wealthsimple, around 60 per cent of Canadians in the workforce do not have access to a workplace pension. 

Additionally, 41 per cent of respondents between the ages of 25 and 44 indicated they want to work toward retirement before the age of 55 to pivot towards things like a small business, consulting, not-for-profit work or other passion projects. 


The survey was conducted by Leger and commissioned by Wealthsimple. Results were derived from an online survey of 1,501 Canadians between Feb. 5 and Feb. 13.