Mercer Canada president has a warning for all of us

Canadians 'haven't saved enough for retirement,' says president of financial consulting firm

- JARED LINDZON

Mercer Canada president Teresa Palandra says she was drawn to the "mystique" of actuarial science as a passionate math student in high school. "Not everyone knows what an actuary is, so there was a bit of a cool factor in what some would consider a bit of a nerdy career."

Canada’s “three-legged stool” approach to retirement is looking a little wobbly these days.

The country has long sat near the top of global indexes for retirement planning by leaning equally on government-funded, employer-supported and individual retirement savings, but in recent years its position has been slipping.

That’s because fewer than 40 per cent of Canadian workers have access to a registered pension plan, and nearly half of those nearing retirement worry their personal savings won’t be enough to cover their costs.

“Without that accessible workplace pension, personal savings and government benefits become more vital sources of income,” says Mercer Canada president Teresa Palandra from her office in downtown Toronto.

“In very simple terms, we haven’t saved enough for retirement.”

Palandra took the top job in Canada for the Vancouver-founded global financial consulting firm 18 months ago and has been interested in actuarial sciences — which measures and manages the cost of financial uncertainty — since high school.

“Most people don’t even know what an actuary is — certainly not at that age, but even later on in life,” she says, adding that she was introduced to the profession by a high school guidance councillor who recognized her passion for math. “I kind of liked the mystique about it, that not everyone knows what an actuary is, so there was a bit of a cool factor in what some would consider a bit of a nerdy career.”