Global research shows many savers expect to keep working amid rising economic anxiety
Retirement is being redefined, with many savers, particularly in Canada, anticipating a longer working life as economic uncertainty weighs on confidence.
T.Rowe Price’s inaugural Global Retirement Savers Study, conducted over the summer among more than 7,000 workers in Canada, the United States, the United Kingdom, Australia and Japan, found that roughly one third of respondents expect to work at least part time during retirement. The findings reflect growing concern about inflation, market volatility and the ability to maintain living standards later in life.
Canadian respondents emerged as some of the most pessimistic in the survey. More than half said they expect a recession within the next year, a level of concern second only to Japan. That outlook appears to be shaping retirement expectations, as fewer Canadians expressed confidence about their long-term financial security.
Across all countries surveyed, only about 31% of savers believe they will be able to live as well or better in retirement than they do today. While fewer than one in five expect to completely run out of money in retirement, many acknowledged they would struggle to handle a major financial shock.
Older workers are significantly more likely to anticipate retiring later, with nearly two thirds of those aged 50 and over expecting to retire after age 65. Younger workers, while more optimistic, still report uncertainty about whether traditional retirement timelines are realistic.
The survey also points to the continued importance of professional advice. Despite the rise of digital planning tools, many respondents said they rely most on human financial advisors and workplace retirement resources to help navigate increasingly complex decisions.
“Research is at the heart of everything we do,” said Jessica Sclafani, global retirement strategist at T. Rowe Price. “It helps us understand the evolving needs of retirement savers around the world. Longer life spans, financial uncertainty, and shifting expectations are redefining retirement—transforming it from a fixed destination to an evolving journey that demands new thinking from both savers and the industry. By studying these shifts in attitude, we can better understand what savers need today and empower them with the strategies and solutions that can build financial security, confidence, and optimism for the future.”
