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Beyond financial literacy: Sun Life finds confidence is key to retirement savings success
Beyond financial literacy: Sun Life finds confidence is key to retirement savings success ...
About this update from Sun Life Financial Inc.
[{"type":"text","content":"\n\n\nBeyond financial literacy: Sun Life finds confidence is key to retirement savings success\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\nCanada NewsWire\n\n\nConfident and knowledgeable group retirement savings plan members typically save 86 per cent more than those with low confidence and literacyThirty per cent of plan members have both high confidence and strong financial literacyWomen contribute 21 per cent less than men to group retirement plans\nTORONTO, Dec. 1, 2025 /CNW/ - A new report from Sun Life uncovers a 'confidence paradox' in how Canadians approach retirement planning and investment decisions. The Member Mindsets, Motivations and Metrics report found that financial confidence, not just financial knowledge, plays a critical role in saving for retirement. The data collected by Ipsos, on behalf of Sun Life, offers valuable insights into the attitudes and behaviours of over 1,900 surveyed plan members who participated in a Sun Life workplace savings plan in Canada.\nKey findings from the report include:\nThe power of confidence. Highly confident savers put away 64 per cent more of their income than their less confident peers, while individuals with higher literacy saved only 12 per cent more than those with lower literacy.  Confidence and financial literacy: the dynamic duo. About one-third (30 per cent) of plan members who were surveyed have both high confidence and strong financial literacy. These plan members saved almost four times their income, while those with low confidence and literacy saved only 2.1 times, nearly an 86 per cent difference. Pronounced gender differences. Men are more likely to be high-confidence investors, while women tend to be more cautious. Women contribute 21 per cent less than men to group retirement plans, despite generally needing to fund longer retirements with less savings and facing more health challenges. Notably, 36 per cent of women also avoid financial advice due to insufficient savings, perpetuating a cycle that undermines long-term wealth building.The data also reveals a concerning 'a...