Young workers willing to make career trade-offs for jobs with pensions: new research from HOOPP and Abacus Data
TORONTO, June 25, 2026 (GLOBE NEWSWIRE) -- In an economy where young people feel increasing uncertainty about housing, saving money and the cost of living, nearly two-thirds of Canadians under the age of 35 say they would consider changing jobs if a new employer offered a defined benefit (DB) pension plan, according to new research by the Healthcare of Ontario Pension Plan and Abacus Data. With an aging population and growing demand for healthcare workers, the survey’s data also suggests that access to a DB pension could play a critical role in attracting and retaining healthcare talent.
The 2026 Canadian Retirement Survey sheds light on how the next generation sees access to workplace pensions as a competitive advantage for employers — so much so that 65% of the survey respondents age 18-34 said they would consider changing jobs if another workplace offered either a DB pension or a better pension than they currently have. Furthermore, 63% of younger Canadians said they might relocate to another community to have access to a job with a DB pension. For healthcare organizations, including those serving smaller, rural or underserved communities, that willingness to move could be particularly important as governments and employers look for ways to strengthen staffing across the system.
HOOPP has conducted the Canadian Retirement Survey annually since 2019, tracking Canadians’ views on retirement planning and related financial pressures. For the 2026 survey, Abacus Data surveyed 2,000 Canadians.
Abacus also conducted a separate sample of 803 healthcare workers, covering the same core topics as the general survey along with some healthcare-specific issues. That survey found younger healthcare workers see pensions as protection against economic anxiety and an important way for employers to attract and retain workers.
The findings of both surveys show DB pensions are emerging as a powerful factor in the labour market, particularly among younger workers — with important implications for Canada’s healthcare workforce.
“This year’s Canadian Retirement Survey shows that pensions are becoming an important differentiator in the competition for talent, in healthcare and other industries,” said Jennifer Rook, HOOPP‘s Vice President of Government, Regulatory and Stakeholder Affairs. “In uncertain economic times, young workers are looking for employers that provide long-term peace of mind. Access to a defined benefit pension offers that kind of security.”
David Coletto, CEO of Abacus Data, said Canadians increasingly see pensions as a source of stability and security.
"Our research shows that younger workers are actively looking for employers that can provide long-term financial security, and many are willing to make significant career trade-offs to get it,” said Coletto. “In today's economy, pensions are no longer just a retirement benefit — they're becoming a competitive advantage for employers."
More than nine-in-10 Canadians, including healthcare workers, would choose to pay 9% of their salary, with contributions matched by their employer, into a DB pension plan in exchange for a secure lifetime income in retirement. A vast majority (69%) of the general population survey respondents said they would take a slightly lower salary if the job came with a pension. When forced to choose between owning a home and having a guaranteed lifetime pension, more than half of Canadians (57%) chose the pension.
Among healthcare workers, 89% said DB pensions are key to attracting future people into the sector — a finding that carries increased importance as almost all (95%) agree that Canada’s healthcare system will need to grow significantly to support an aging population.
As in previous years, the 2026 Canadian Retirement Survey continues to show that many Canadians are financially unprepared for life after work. Among this year's findings:
- 63% of people between the ages of 55-64 say they don’t feel prepared for retirement.
- 57% of respondents said one of the reasons they have not been able to save for retirement is that they live paycheque to paycheque.
- 43% felt they may never be able to retire because of their financial situation, while 50% said they would need to continue working in their retirement years to support themselves financially.
- 41% of respondents who are homeowners plan to rely on the sale of their home as part of their retirement planning, but 60% are worried about their ability to pay off their mortgages in time so they can retire when they want to.
- 71% of respondents aged 18-34 who don’t own a home felt higher interest rates will impact their ability to buy a home in the future; 84% of that group also said they were concerned about the increasing cost of rent.
The findings from the Canadian Retirement Survey are based on an online survey of 2,000 Canadians aged 18 and older from April 9 to 15, 2026. The margin of error for a comparable probability-based random sample of the same size is +/- 2.19%, 19 times out of 20. A separate online survey of 803 Canadian healthcare workers aged 18 and older was conducted April 10-20. The margin of error for the healthcare survey is +/- 3.45%, 19 times out of 20. The margin of error for both surveys will be larger for data that is based on sub-groups of the total sample. Data for both surveys were weighted according to census data to ensure the sample matched Canada’s population according to age, gender, educational attainment and region. Totals may not add up to 100 due to rounding.
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario's hospital and community-based healthcare sector, with more than 870 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, physicians and many others who provide valued healthcare services. In total, HOOPP has more than 504,000 active, deferred and retired members.
HOOPP is fully funded and manages a highly diversified portfolio of $132 billion in assets that span multiple geographies and asset classes. HOOPP is also a major contributor to the Canadian economy, paying more than $4.1 billion in pension benefits annually.
HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP's mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU) and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.
Contact:
Scott White, Senior Director, Public Relations
swhite2@hoopp.com
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