Listen in on the discussion about retirement savings in CHECKMATE! WORKPLACE SAVINGS PLANS HELP CANADIANS WIN IN RETIREMENT MARCH 2014

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1 MARCH 2014 CHECKMATE! WORKPLACE SAVINGS PLANS HELP CANADIANS WIN IN RETIREMENT Our sixth annual Canadian Unretirement Index shows, those Canadians who don t participate in a workplace savings plan are missing out. Participation in a plan continues to provide significant emotional and financial benefits for members compared to non-members. Listen in on the discussion about retirement savings in Canada, and you ll hear a common theme: we need to find a way to help people save more. The reason is a simple one: the Canada Pension Plan, the Quebec Pension Plan and Old Age Security aren t designed to be a sole source of retirement income, and a staggering number of Canadians don t have a savings plan at work. And that s a shame because employer-based savings plans work. As our research shows, the well-being gap between those who have a plan and those who don t is significant. Plan members report being better off in multiple categories from worrying less about their retirement to saving more for their future.

2 2014 CANADIAN UNRETIREMENT TM INDEX Workplace savings plans are a long-term investment, and it s easy for employers and plan members to take their plans for granted day-today. But the results of our 6th annual Canadian Unretirement Index remind us just how beneficial these plans can be for employees. And because of this, employers who offer such plans enjoy a competitive advantage over those who don t. And there are many employers who don t. According to Statistics Canada, more than 500,000 Canadian businesses currently do not offer any kind of employee workplace savings plan. As a result, three to five million Canadians do not have access to a simple, affordable workplace pension plan. As our 2013 Canadian Unretirement Index shows, those Canadians who don t participate in a plan are missing out. Here is an overview of the findings of the Index as they relate to workplace savings plans and some insights into the positive influence that these plans have on the outlook of Canadians about their futures. The more financially secure an employee feels, the more likely the expectation for retirement at an earlier age. CONNECTING THE DOTS: WHY HELPING MEMBERS WIN IN RETIREMENT MATTERS TO EMPLOYERS Our survey results show that workplace savings plans have a direct, positive impact on employee financial security. This increases the likelihood of on time retirement where employees have the financial security they need to retire when they want to enabling employers to effectively succession plan and stay competitive. Retirement insecurity is not just a plan member problem it s also an employer problem. That s because delayed retirement and the associated uncertainty can negatively impact an employers human resources and finance objectives. These potential impacts range from succession planning and skills renewal issues, to higher wage and benefit costs, to lower productivity, engagement and morale as a result of mature employees continuing to work because of financial need alone. For these reasons, employers should understand the key role that their workplace savings plans can play in the health of their organizations and take steps to maximize these benefits whenever possible. 2

3 2014 CANADIAN UNRETIREMENT TM INDEX EARLY RETIREMENT: not a trivial pursuit One of the most significant measures of actual and psychological well being is the age at which employees say they expect to retire. Simply put, the more financially secure an employee feels, the more likely the expectation for retirement at an earlier age. In terms of actual retirement age, the age at which plan members say they will retire age 65 is lower than the age 67 expectations of non-members. In fact, in each of the five years of our research, plan members have had earlier retirement age expectations than non-members. While just 18% of Canadians without a workplace savings plan say they will be retired by age 66, 35% of workplace savings plan members say the same. And of those who say they will be working at age 66, 40% of plan members say it will be because they want to (not because of financial need) versus just 29% of non-members. Expected retirement age over the year Statistics Canada, Canadian Business Patterns Database, December % of plan members say they will continue working past 65 because they want to (not because of financial need) versus just 29% of non-members. 3

4 THE GAME OF LIFE taking action Workplace savings plan members are also more likely to be taking positive action on their finances than non-members, with these actions taking place on a number of fronts. Compared to before the 2008 financial crisis, a significantly higher percentage of members versus non-members are now paying down more debt, planning their financial future more, saving more and investing more. Plan members taking action 2014 CANADIAN UNRETIREMENT TM INDEX Investing more 12% 24% Saving more 18% 30% Planning my financial future more 21% 34% Paying down debt more 25% 35% Workplace savings plan members are also more likely to have a written financial plan than non-members (24% versus 14%) and work with a financial advisor (36% versus 22%). Having a financial plan can help employees set their financial goals and help them track their progress towards achieving their goals. A financial plan can also help employees: protect what is most important to them, plan for retirement, leave something for their family, and manage their taxes. Both, working with a financial advisor and establishing a written plan can provide an edge in terms of ensuring long-term financial security. 24% of plan members have a financial plan vs. just 14% of non-members. Unretirement [un-ree-tiyr-mint] noun: The growing trend away from early retirement by choice or economic necessity and towards continued work past the traditional retirement age of 65. 4

5 THINKING THREE MOVES AHEAD 2014 CANADIAN UNRETIREMENT TM INDEX Whether it s through the financial education that workplace savings plans provide or the knowledge that their plans provide continuous savings plan members are more confident about both planning for the future and their outlook for retirement. In terms of planning, 76% of plan members say they have the financial knowledge to be able to make a plan for their retirement, versus 63% for non-members. Looking down the road at retirement, plan members also have a more positive outlook in all areas that we surveyed. Eighty-eight per cent of plan members say they are confident or somewhat confident that they will have the income in retirement to take care of basic living expenses, compared to 70% of non-members. And in terms of their confidence about other retirement expenses: 79% of members say they will have enough money to cover their medical expenses, versus 58% of non-members 72% of members say they will have enough money to pursue their hobbies and interests, versus 49% of non-members 69% of members say they will have enough money to enjoy the lifestyle they want, versus 46% of non-members. Workplace savings plans translate into measurable financial benefits actual and psychological. 76% of plan members say they have the financial knowledge to be able to make a plan for their retirement, versus 63% for non-members. Confidence in covering retirement expenses Lifestyle 46% 69% Hobbies and interests 49% 72% Medical expenses 58% 79% Living expenses 70% 88%

6 PASS GO; collect retirement savings 2014 CANADIAN UNRETIREMENT TM INDEX The most compelling measurement of how a workplace savings plan can benefit employees is money specifically, the amount of retirement savings that members have accumulated versus non-members. The benefit of workplace savings plan membership is significant. Excluding their home or other property, plan members had accumulated an average of $491,000 in retirement savings, versus $313,000 for non-members. This greater nest egg translates into a satisfaction rate for members that is double that for non-members, with 49% of plan members saying they are very or somewhat satisfied with how much they are saving for retirement versus 24% of non-members. And when we examine the Unretirement Index as a whole, the higher optimism of plan members is significant. The index runs on a scale of 0 to 100, where 100 represents extreme optimism and the expectation of a perfect retirement. The lower the index number, the more negative or pessimistic the outlook is on issues that influence retirement. Average amount of retirement savings $491,000 $500,000 $375,000 $250,000 $125,000 $313,000 The overall Sun Life Canadian Unretirement Index score measuring the confidence of working Canadians is 48 for members of workplace savings plans, versus just 35 for those who are not members. 0 Satisfaction with amount of savings Average amount of retirement savings 50 49% When it comes to retirement savings, plan members have a satisfaction rate double that of non-members % 0 Satisfaction with amount of savings 6

7 2014 CANADIAN UNRETIREMENT TM INDEX GAME, SET, MATCH! By providing a workplace savings plan, sponsoring employers are providing their employees with measureable financial benefits both actual and psychological. This not only improves the financial health of individual employees but promotes the achievement of an organization s human resources and financial goals by increasing on time retirement rates. These rates can increase even further through proactive measures that employers can take to maximize the impact of their plans, and help plan members save for a worry-free retirement. These can include: delivering ongoing plan member education Sun Life Financials my work program helps plan members secure a financially fit future by giving them the tools and information they need, at the right time and in the right place! Tools like money UP! - our game-inspired approach to financial literacy for employees who have their workplace retirement and savings plan with Sun Life - or our face-to-face learning sessions, can help increase plan member education and engagement; promoting the use of planning tools the Sun Life Financial Retirement planner and other tools are always available on mysunlife.ca to help members plan for a brighter retirement; introducing additional savings plan options such as Tax-Free Savings Accounts; offering innovative investment options which meet the needs of plan members and help simplify the investment process; developing campaigns to grab plan members attention and increase their contribution rates - something that Sun Life Financial has the experience and expertise to seamlessly deliver; providing access to advice holistic or in-plan advice to develop a financial plan. While all workplace savings plans provide measurable benefits to plan members and employers, organizations that take a proactive approach to improving plan participation and the plan member experience stand the most to gain. 7

8 2014 CANADIAN UNRETIREMENT TM INDEX ABOUT THE SUN LIFE CANADIAN UNRETIREMENT INDEX The Sun Life Canadian Unretirement Index tracks how workers attitudes and expectations about retirement are evolving in response to economic, health and personal forces affecting their lives. The term unretirement refers to the growing trend away from early retirement by choice or economic necessity and towards continued work past the traditional retirement age of 65. ABOUT THE SURVEY The sixth Sun Life Canadian Unretirement Index is based on the findings of an Ipsos Reid poll, conducted between November 12 and 20, 2013, on behalf of Sun Life Financial. For this survey, Ipsos Reid conducted online interviews with a sample of 3,005 working Canadians from 30 to 65 years of age from Ipsos online panel. Weighting was then employed to balance demographics to ensure that the sample s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online surveys is measured using a credibility interval. In this case, the survey is accurate to within +/- 2 percentage points had all Canadian adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to methodological change, coverage error and measurement error. Life s brighter under the sun 8 Group Retirement Services are provided by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies. 02/14-SI-RB

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