A recent report by Sun Life highlights the importance of confidence in retirement savings among Canadians. The Member Mindsets, Motivations and Metrics report, based on a survey conducted by Ipsos for Sun Life, examined the behaviours and attitudes of more than 1,900 participants in Sun Life workplace savings plans across Canada.
The findings indicate that confidence has a greater impact on retirement savings than financial literacy alone. According to the report, individuals with high financial confidence save 64 percent more of their income compared to those with lower confidence. In contrast, those with higher financial literacy save only 12 percent more than their less literate counterparts.
"An 86 per cent difference in savings is staggering," said Dave Jones, Senior Vice-President, Group Retirement Services, Sun Life. "This isn't just a stat, this confidence paradox is a wake-up call. We must go beyond education and help Canadians build the confidence they need to take control of their financial futures."
The survey found that about 30 percent of plan members possess both high confidence and strong financial literacy. These individuals saved nearly four times their income for retirement, while those lacking both attributes saved only 2.1 times their income—a difference of almost 86 percent.
Gender differences were also observed in the study. Men are more likely to be confident investors compared to women, who tend to be more cautious. Women contribute 21 percent less than men to group retirement plans despite often facing longer retirements and additional health challenges. The report notes that 36 percent of women avoid seeking financial advice due to having insufficient savings.
The data points to an 'advice gap,' where confident and knowledgeable investors are more likely to consult professional advisors while cautious savers turn instead to friends or family for guidance.
Workplace retirement savings plans play a significant role in Canadians' long-term financial security. Over half (52 percent) of respondents consider these plans as their main source of retirement income. The report also notes that most surveyed members (90 percent) contribute enough to receive the full employer match offered through workplace plans. Seventy percent expressed interest in accessing holistic financial planning advice through these programs, and nearly 80 percent value automatic features such as auto-enrolment and auto-escalation.
"Workplace savings plans are filling a crucial gap for Canadians' long-term financial security. Simplified plan design, targeted communication strategies and accessible financial guidance make a measurable difference. Employers have an opportunity to boost financial confidence and literacy by playing a pivotal role in helping Canadians achieve lifetime financial security and live healthier lives," said Jones.
The Ipsos survey was conducted between July 21 and August 11, 2025, with participation from 1,981 Sun Life plan members aged between 25 and 75 years old.
Sun Life operates internationally across several markets including Canada, the United States, Asia-Pacific countries, Europe, and Bermuda. As of September 30, 2025, it managed assets totaling $1.62 trillion.