Roadmap for Retirement: The Case for a National Pension Dashboard
By Kathryn Bush
Retirement planning is getting harder for Canadians as more savings shift to definedcontribution plans, and account information is scattered across institutions. Given current financial literacy levels in Canada, many people struggle to understand what they’ll have to live on in retirement. A pension dashboard could help by bringing all their retirement savings and benefits into one place. A pension dashboard is a government or government-sanctioned online tool that shows individuals all their retirement income sources-including government benefits, workplace pensions, and potentially personal savings-in a single view. Countries like Australia, Sweden, and the Netherlands have already launched similar tools to improve planning and reduce lost or forgotten accounts. For a pension dashboard to succeed in Canada, it needs to be secure, easy to use, and developed with support from both federal and provincial governments. With recent advances in artificial intelligence (AI) and data reporting, this kind of tool is now more practical and timely than ever.
Source SRRN
