This research report identifies behaviorally informed ways that government, regulators, employers, and financial institutions can encourage retirement planning. The report also includes the results of a randomized experiment that evaluated several of the approaches proposed in the report.
As discussed in the Seniors Strategy, the Ontario Securities Commission’s vision is a stronger and more secure financial future for all Ontario seniors. Promoting retirement planning contributes to this vision: It can provide individuals with greater certainty and peace of mind as to their financial lives and lead to higher levels of wealth accumulation. The prior research revealed that many Ontarians are not planning for retirement. A study from 2017 found that 54 percent of pre-retired Ontarians aged 45 or older have no retirement plan and that only 14 percent have a formal, written plan. Understanding the barriers preventing more Ontarians from planning for retirement will help to better serve public interest and work towards the vision described in the Seniors Strategy.
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