The below study was recently referenced in the Financial Post and Toronto Sun.

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If you’re feeling uneasy about your financial future in retirement, you’re not alone. For many Canadians,  retirement security has become a growing concern amidst rising living costs and economic uncertainty. At Bloom, we wanted to understand where Canadians stand today when it comes to financial stability in retirement and what types of support they believe would make the biggest impact. 

Our recent Retirement Stability and Financial Support survey, in partnership with Angus Reid, sheds light on how Canadians are feeling about their financial future and what they hope to see from policymakers moving forward.

‍The Most Desired Financial Support Measures

When asked which financial relief measures would be most helpful in retirement, nearly half (46%) of Canadians said increasing Old Age Security (OAS) and the Guaranteed Income Supplement (GIS).

Support for stronger programs was even broader when asked to select their top two preferences, where 67% ranked increasing OAS and GIS among the most important forms of government support. 

Other responses included:

• Increasing tax-free earnings for working seniors (39%).
• Maintaining the current OAS/GIS eligibility age (35%).

‍Retirement Security Remains a Struggle

One of the most striking findings from the survey is how few Canadians feel confident about their financial future in retirement, highlighting the need for better planning tools, accessible savings solutions, and continued innovation in retirement financing.

• Only 36% of Canadians say they feel confident in their ability to maintain financial stability into retirement, and only 7% feel very confident.
• Meanwhile, 27% say they’re not confident at all, and another 37% feel only somewhat confident.

‍Where Canadians Expect Their Retirement Income to Come From

The majority of Canadians still see government programs and personal savings as the primary methods of retirement income; however, with rising living costs and the unknown impacts of Canada-U.S. tariffs, these methods may come up short. The survey found that Canadians expect to rely on the following for financial support into retirement: 

• 72% of Canadians will rely on the Canada Pension Plan (CPP) or the Quebec Pension Plan (QPP).
• 65% expect to lean on personal savings.
• 61% will count on Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). 

‍How to Prepare for the Future  

With costs up and confidence down, it’s clear that both the Government and private sector need to step up, but there are also tools you can explore today to improve your financial outlook. 

At Bloom, we believe in creating innovative solutions that empower you to maintain retirement security and quality of life into your golden years. One of the ways we do that is through reverse mortgages – allowing you to access the equity you’ve built up in your home over time, giving you the freedom to feel more secure about your future. 

‍Survey Methodology: These findings are from a survey conducted by Bloom from April 7th to April 9th, 2025, among a representative sample of 1515 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.