As the Canadian population continues to age and the number of retirees rises, recent research from Statistics Canada has found that many workers would delay retirement if given the opportunity to reduce their working hours and alleviate workplace stress.
The findings came from StatsCan’s Labour Force Survey, which analyzed retirement trends among different age groups.
According to the survey, which was done between June 11 and 17, more than half (55.1 per cent) of respondents who had not completely retired but plan to retire expressed a desire to prolong their working lives if they could transition to part-time employment.
Similarly, approximately half (48.9 per cent) reported that they would continue working if they had the option to work fewer hours without affecting their pension.
In terms of work-related factors, 43 per cent of employees stated that they would be willing to continue working if they could have a less stressful or physically demanding job.
Additionally, 37.6 per cent indicated that they would consider extending their careers if they were offered more interesting work.
When it comes to motivation, 34.2 per cent cited that a pay raise would encourage them to stay in the workforce.
Furthermore, 29.3 per cent expressed that an improvement in their health would be a compelling reason to continue working.
The survey found that 21.8 per cent of Canadians aged 55 to 59 years old are fully or partially retired.
This proportion increases to 44.9 per cent for individuals aged 60 to 64.
For those between the ages of 65 and 69, more than 80 per cent have already retired.
Among those aged 70 and older, an overwhelming 90 per cent reported that they are completely or partially retired.
Those who are completely retired said that finances and health were the main factors in determining the timing of their retirement.
According to the report, individuals who face health-related challenges or disabilities are more likely to exit the workforce at a younger age. Individuals who retired primarily due to financial reasons tended to do so at a relatively older age.
For men who retired mostly due to finances, the average retirement age was 61.7 years, which is nearly four years older than those who cited health or disability reasons as the main factor for retirement.
Similarly, for women, the average retirement age for those driven by financial considerations was 60.1 years, compared to 56.9 years for those who retired primarily due to health reasons.
Reporting for this story was paid for through The Afghan Journalists in Residence Project funded by Meta.
