There are a number of industry studies that address the savings and prepardness of Canadians for retirement.
Here's a sample of research conclusions.
"Estimates show that two-thirds (2/3) of Canadians may not be saving at the levels required to meet required household expenses in retirement" Universiy of Waterloo
"Many people nearing retirement can become preoccupied about whether they are secure enough to live comfortably in their old age" Barbara Jaworski - Workplace Institute
"34% of recent retirees report they are financially worse off since leaving the workforce" Statistics Canada - The Daily - Sept. 2003
"Of those within five years of retirement
- 38% still don't have a retirement savings plan
- 29% don't think they'll be able to retire at their ideal age
- 42% are somewhat or very concerned they have not saved enough to maintain their standard of living, and
- 32% are somewhat or very concerned they will outlive thier savings"
Desjardins Financial Survey of Canadians' Preparedness for Life after Work
"Canadians who want to retire fully need to make sure they have a plan in place to maintain an acceptable standard of living through a period of time that may last many decades.
- 53% have a retirement saving plan => meaning 47% don't
- 43% have a retirement spending plan => meaning 57% don't"
Desjardins Financial 2007 Survey of Canadian's Preparedness for Life After Work
"48% of those < age 60 fear a lack of money in later life" HSBC Insurance - The Future of Retirement - Investing in Later Life