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.

Key findings from the report include:

The data also reveals a concerning 'advice gap' where the most confident, knowledgeable investors are more likely to work with financial advisors, while cautious investors, who may benefit most from professional guidance, are more likely to turn to friends and family for advice.

"An 86 per cent difference in savings is staggering," said Dave Jones, Senior Vice-President, Group Retirement Services, Sun Life. "This isn't just a stat, this confidence paradox is a wake-up call. We must go beyond education and help Canadians build the confidence they need to take control of their financial futures."

The report also revealed that workplace retirement savings plans have become an essential financial foundation, with over half (52 per cent) of respondents stating they count on workplace savings plans being their main source of retirement income. With this, there are opportunities to enhance workplace savings plans to maximize their impact:

"Workplace savings plans are filling a crucial gap for Canadians' long-term financial security. Simplified plan design, targeted communication strategies and accessible financial guidance make a measurable difference. Employers have an opportunity to boost financial confidence and literacy by playing a pivotal role in helping Canadians achieve lifetime financial security and live healthier lives," said Jones.

Read the full report to learn more about the mindsets, motivations and behaviours of over 1,900 surveyed Sun Life plan members.

These are the findings of an Ipsos survey conducted on behalf of Sun Life that was fielded between July 21 and August 11, 2025. A total of 1,981 Sun Life plan members aged 25-75 participated in the survey.

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2025, Sun Life had total assets under management of $1.62 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to editors: All figures in Canadian dollars

To contact Sun Life media relations, please email Media.Relations@sunlife.com

SOURCE Sun Life Financial Inc.

SOURCE: Sun Life Financial Inc.

SOURCE: Sun Life Financial Canada

COMTEX_470715488/2197/2025-12-01T08:00:00