Mr. Speaker, I thank my colleague for his question, which is very timely indeed.
There are several reasons why young people do not think about retirement. It may be because the subject does not interest them at the moment or because they do not have the means to do so. In our country, approximately 40% of all Canadians in the private sector contribute to a registered pension plan. This percentage falls to less than 30% for young people between the ages of 25 and 29.
Indeed, young people are not able to contribute for various reasons. They may not see the need to contribute now for the long term because retirement is too far away. Furthermore, they may also lack the financial ability to do so. In addition to their employment income, which is often lower for youth, we also have to consider their ability to set money aside from their wages after paying for a house, a car or other expenses.
The question is therefore extremely relevant because the current savings rate of young people is a major concern. In many cases, a measure like this one could help ensure their retirement security in 25, 30, 40 or 50 years.