One way to understand the changing nature of retirement in Canada is to look at the commercials featured on news networks.
On the first years of this century, a bank advertised its retirement planning services through a television spot where a couple gingerly discussed which destination—Provence or Tuscany—would be better to start their post-work lives.
Flash forward two decades and ads on the same network are urging Canadians to re-finance their homes through second mortgages. Clearly, a lot has changed over the past 20 years. We did go through a global financial crisis and a pandemic, and housing remains a paramount concern for Canadians aged 18-34.
This backdrop helps explain what British Columbians told us a couple of months ago about their views on three types of “health.”
More than half (55 per cent) told us they are “very worried” or “moderately worried” about their physical health. Concerns were lower for mental health (43 per cent) and higher for financial health (68 per cent).
The existence of a public health-care system, even if it has lost some lustre as a source of pride over the past few years, is still welcome. Worries about physical health are similar among British Columbians aged 18-34 (57 per cent), aged 35-54 (56 per cent) and aged 55 and over (54 per cent).
There are some staggering generational differences on the other two aspects of life. While only 28 per cent of British Columbians aged 55 and over are worried about their mental health, the proportion rises to 46 per cent among those aged 35-54 and to 60 per cent among those aged 18-34.
A similar scenario ensues with financial health, with more than seven in 10 British Columbians aged 18-34 (73 per cent) and aged 35-54 (76 per cent) saying they are worried about this aspect, compared to 57 per cent among those aged 55 and over.
In spite of their current concerns, the province’s youngest adults are particularly optimistic, with more than a third expecting their mental health (35 per cent), their physical health (41 per cent) and their financial health (47 per cent) to get better in the next 10 years. Those aged 35-54 are skeptical, with a third (33 per cent) foreseeing better finances and just under one in four predicting a better mental (24 per cent) and physical (also 24 per cent) status.
The numbers drop further among the province’s oldest adults. Just 18 per cent of British Columbians aged 55 and over believe their financial health will improve in the next decade, and fewer than one in 10 think better days lie ahead for their mental (eight per cent) and physical (seven per cent) health.
The way in which the youngest generation addresses two aspects of life will be extremely important for the province. It is disheartening to see three in five of the province’s youngest adults say that they worry about their mental health. The members of older generations, who began working at a time when discussions about abuse and burnout were regarded as weakness by employers, are not feeling the same way. The fact that our society now acknowledges mental health setbacks is a step in the right direction.
The financial challenge is also eye-opening. Just under half of British Columbians aged 18-34 think their best earning years are ahead. However, when this same group is quizzed about retirement, only 38 per cent claim to be saving “more than enough” (seven per cent) or “enough” (23 per cent) for their later years. More than a third (37 per cent) acknowledge that they are not putting away “enough” for retirement, while almost one in four (24 per cent) are “saving nothing”.
There is a bit of a silver lining when we see that most British Columbians assume that specific resources will be available for them as they get older, including those related to health care (72 per cent), mental health (69 per cent), social services (also 69 per cent) and social networks (also 69 per cent). The existence of safety nets has not been compromised yet.
Still, a successful retirement for today’s workforce will require savings. At this point, putting away a portion of every paycheque is something more than half of young British Columbians are either not taking seriously or finding impossible to do.
Mario Canseco is president of Research Co.
Methodology: Results are based on an online survey conducted on May 20 and May 21, 2025, among 800 adults in British Columbia. The data has been statistically weighted according to census figures for age, gender and region in British Columbia. The margin of error—which measures sample variability—is +/- 3.5 percentage points, 19 times out of 20.
