Canadians are more pessimistic than residents of 15 other countries about the future health of government pension funds, according to a survey released today by AXA.

The 2007 AXA Retirement Scope asked 11,950 persons in 16 countries “Will the government’s pension plan still be there when you reach age 75?”

Canadians older than 35 proved to be among the most pessimistic respondents (50% of people 35-44 and 58% of those 45-54 would say yes), together with their counterparts in Germany (34% of people 35-44 and 43% of those 45-54), the United States (34% of those 35-44 and 46% of those 45-54) and the United Kingdom (46% of those 35-44 and 51% of those 45-54).

This is quite different from those in the same age group in countries such as China, the most optimistic (90% of those 35-44 and 85% of those 45-54), Spain (67% of those 35-44 and 73% of those 45-54) and Australia (64% of those 35-44 and 73% of those 45-54).

“The considerable transformations that will take place in the Canadian population during the next few decades, i.e., significant increase in retirements and progressive reduction of workers who contribute to government pension plans, arouse legitimate concerns in Canadians. Such unease about the permanence of our public pension plans also highlights the importance of tackling the financial aspect of one’s retirement by preparing for it early in life and continuing for a longer period of time since Canadians’ life expectancy continues to increase,” said Robert Landry, executive vp, personal insurance and financial services, AXA, in a news release.

The international study also shows that, despite the fact that approximately one third of Canadians realistically expect to see their standard of living drop once they retire, they do not expect their quality of life to be reduced to the same extent.

The study shows that Canadian retirees seem to enjoy a good overall quality of life.

All in all, they feel they are in good health (in very good health: 33%), to a greater extent than in non-English-speaking countries.

Many practice a physical activity (69%) and, to a lesser extent, eat a balanced diet (59%) to stay in good shape.

Canadians feel they can access quality health care (very satisfied: 38%) and live in one of the countries where this perception is most widespread.

As well, they claim to be very happy (very happy: 42%, compared to Italy with a 13% rate), placing Canada among the highest in the study countries.

The AXA Retirement Scope is an international study whose objectives are exploring and understanding the attitudes of the population towards retirement and comparing its image to its reality.

The study, whose sample includes both actives and retirees, was carried out among 11,590 persons in 16 countries, from August 14 to September 10, 2006, in Canada, by a consortium of research companies led by the GFK Group and represented by CROP in Canada. The analyzed countries are as follows: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, the Netherland, New Zealand, Portugal, Spain, the United Kingdom, the United States and Singapore.

The Canadian results of the AXA Retirement Scope (with international comparison) are available on the AXA Canada Web site: www.axa.ca