Survey

Aon-Driving Workplace Retirement Savings Success-Canada-Survey

Issue link: https://retirement-investment-insights.aon.com/i/1221732

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In Canada, we surveyed HR managers, fiduciaries, finance officers and other professionals from almost 100 organizations offering workplace Capital Accumulation Plans (CAPs) across a wide range of industries, plan types and sizes. We asked employers to share their key objectives, future challenges and views on their roles in employee financial wellbeing. Our Canadian survey results showed that employers want to provide more value and security to plan participants, yet their actions and priorities may not always align with these goals. In this summary report, we cover the four keys to CAP success, as seen through employers' eyes, with renewed focus on employee financial knowledge and saving strategies. We also connect these findings to the employee responses in our 2018 DC and Financial Wellbeing Survey and highlight opportunities for employers to proactively deliver more value in the years ahead. Our upcoming report will offer more detailed insights into the keys to workplace CAP success. Let's start with a broad employer view of the CAP landscape. In the 2020 Aon Capital Accumulation Plans (CAP) Employer Survey, we aimed to understand employers' priorities and governance efforts, as well as their strategies to improve retirement outcomes. Canada Employer Outlook Top two objectives for workplace Capital Accumulation Plans – creating employee value and better retirement outcomes. #1 challenge ahead – getting employees to use available plan resources to strengthen retirement readiness and financial wellness. Most employers feel comfortable with the time they spend on CAP governance, administration, and investments; over 40% want to commit more time to employee communication and education.

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