iAtoday

On June 15, at the 2026 annual conference of the Canadian Institute of Actuaries (CIA), Daniel Werbrouck, Strategic Leader, Group Savings Products, took part in a panel discussion on a topic that remains largely unexplored: the influence of behavioural biases on financial decisions related to retirement.

Bringing together experts from various fields, the discussion highlighted many factors that shape the choices of group retirement savings plan members, far beyond purely economic considerations. The panel explored, in particular, the critical role that perceptions, preconceptions and level of confidence play in financial planning.

A persistent gap between needs and decisions

In an environment characterized by market volatility, rising life expectancy and uncertainty surrounding retirement income sources, Daniel highlighted the unique challenges faced by plan members of defined contribution plans. Among these challenges is the persistent gap between actual retirement income needs and the savings decisions made during the accumulation phase.

The panel also explored the causes of this gap, including the tendency to underestimate future needs, difficulties in thinking long term and certain misunderstandings regarding how the plans work. These findings underscore the importance of strengthening support and communication to promote more informed decisions.

A key role in providing better support

In this context, as a provider of group retirement savings solutions, we play a key role. As Daniel pointed out, innovation is not just about products, it’s also about how we inform, equip and further engage plan members. An approach that integrates both financial and behavioural considerations allows us to better meet the needs of a rapidly evolving market.

Through his participation on the panel, Daniel helped enrich the discussion on the key strategies for improving financial preparedness for retirement and reducing the observed disparities, while highlighting the importance of an approach centred on the plan member’s experience.

Would you like us to support your clients in implementing financial education and financial literacy strategies? Contact your iA Financial Group Account Executive.