Four in five Canadians are concerned that a pension underfunding crisis exists in Canada, according to a Conference Board survey.

Thirty-four per cent of 2,000 Canadians surveyed in September said they were very concerned about the pension underfunding situation in Canada, while another 29% said they were somewhat concerned, and 17% were mildly concerned.

The results are similar to the findings of the second annual Conference Board-Watson Wyatt Worldwide survey of chief financial officers on pension risk in early 2005, outlined in the report “The Pension Plan Crisis Continues . . . And Its Grip Is Stronger”.

“Actuaries and financial managers aren’t the only people concerned about the state of pensions in Canada-the general public is also worried about having enough for retirement,” said Edward Reed, senior research associate, in a release. “With the workforce aging, pension issues are moving to the forefront. Not only are organizations looking for ways to make their pension plans sustainable, they are also trying to use them as an effective attraction and retention tool.”

The Conference Board has issued a briefing, “The Pension Plan Crisis: Canada’s CFOs Are Worried – With Good Reason”, that outlines many questions facing governments and plan sponsors, and proposes possible solutions.