Canadians unsure over CPP expansion

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Finance ministers reached an agreement in principle yesterday to expand the existing CPP but it seems the Canadian public aren’t so confident – just 58 per cent said they were in support of the plan.

When asked what should be done with the Canada and Quebec pension plans, just slightly more than half of respondents said they favour a moderate expansion of the programs.

Interestingly, the highest level of support for expansion was found in Quebec – a province that yesterday remained outside of the proposed deal – where 67 per cent of respondents said they were in favour of higher worker deductions and higher employer contributions that would ultimately result in higher pay outs upon retirement.

Conducted by Angus Reid Institute, the survey also asked respondents whether the economy is too weak to support changes in the immediate future with 42 per cent agreeing it is, even among those who believe the CPP should be expanded.

Importantly, a huge 86 per cent of respondents believe Canadians are not saving enough for retirement and 75 per cent believe the government should play a lead role in helping people plan.

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