New research finds uncertainty about the future is reshaping how Gen Z saves for retirement

 Canada Life launches new research, comprehensive toolkit, social media campaign, and more flexible workplace savings options to help early career workers better address savings and retirement goals

WINNIPEG, MB, Oct. 8, 2026 /CNW/ -- Canada Life released a comprehensive toolkit and more flexible workplace savings options for employers looking to help Gen Z employees plan.

These tools and options respond to new research from Canada Life and Deloitte Canada, which corrects common misconceptions about the country's youngest workers. For Gen Z, cost-of-living pressures are only part of the challenge: uncertainty about the future makes it more difficult for them to envision retirement. That means saving may be less about reaching a distant retirement date and more about building the flexibility and financial resilience to adapt as circumstances change.

"At Canada Life, we know that for many, the future feels different and retirement savings may need to feel different too," said Julia McGillis, Executive Vice-President, Workplace Benefits and Retirement. "We are seizing the opportunity to create retirement and savings solutions that are more relevant, more accessible, and offer more choice."

Building on this research, Canada Life will also launch a new campaign targeting Gen Z audiences on TikTok to encourage long-term saving.

Gen Z is entering the workforce at a time of significant economic uncertainty, making relevant workplace savings programs more important than ever. By helping younger employees understand how savings strategies can help meet their near-term goals while building long-term financial security, employers can better attract and retain talent, support growth, and strengthen workforce confidence.

"Asking young employees to plan decades ahead can be difficult when the next 10 years feel uncertain," said Kate Nazar, Senior Vice-President, Workplace Retirement and Savings." Our research shows that when presented with options that feel relevant to their reality, Gen Z workers can and do want to save."

To help employers act on the research findings, Canada Life has developed:

• More flexible workplace savings plan options, meaning employees can choose to save for short- and medium-term goals, while still receiving the advantage of an employer match or contribution that can be set aside for retirement.
• A practical toolkit that includes a comprehensive assessment, communications guidance, easy-to-use templates and short-form video content.

BACKGROUNDER

Report and Toolkit: Help Gen Z employees save for an uncertain future

Key research findings:

• Gen Zs are twice as likely as the rest of the population to consume dystopian content several times a week.
• Consuming this content is corelated with workers being less likely to own and enrol in long-term savings.
• They are also significantly more likely than the rest of the population to talk about existential concerns.
• While younger workers are saving, they're also withdrawing from their retirement savings more often.
• The research found Gen Z workers can be encouraged to save and respond most favourably to messages focused on resilience, agency and empowerment, rather than fear-based messaging.

Sample research participant comments:

"I want to know what is within my control ... small actions that you can do and that feels enticing to get started." - Research participant, age 26.

The new toolkit can help employers and plan sponsors:

• Better understand how Gen Z employees think about financial planning and retirement.
• Adapt workplace savings communications to reflect early career workers' priorities and concerns.
• Provide straightforward guidance and practical actions employees can take to build financial and emotional resilience in an uncertain future.
• Strengthen engagement with workplace savings and retirement programs.

About Canada Life

Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical, and mental well-being of Canadians. For over 175 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we've made. We proudly serve more than 14 million customer relationships from coast to coast to coast. Canada Life is a subsidiary of Great-West Lifeco Inc. and a member of the Power Corporation of Canada group of companies. Visit canadalife.com to learn more.

SOURCE Canada Life

For more information contact: Colin Roy, Manager, Communications, Canada Life, 204-946-7380, [email protected]