raitt-millennials_thumb-1.png This article is more than 6 years old

Conservative finance critic: maybe millennials need pensions that work like Uber?

"I'll tell you one thing I do know about millennials..."


Good news, millennials!

It turns out you don’t need to worry about retirement because at sometime in the future, someone somewhere might invent an iPhone app that will somehow make all your problems go away. Maybe.

At least that’s what Conservative MP Lisa Raitt suggests when you ask her if millennials are “likely to have problems” when they reach retirement unless the Canada Pension Plan is reformed?

Appearing on CTV’s Question Period Sunday, Conservative MP Lisa Raitt rattled off meaningless buzzwords like “sharing economy” and “sharing culture,” even pointing to the example of “Uber,” to suggest she can “imagine” a future where millennials rely on such technology to support them in retirement: 

“This new generation is very different from what you and I experienced, in fact, they’ve embraced completely different cultures when it comes to the sharing culture or the sharing economy or Uber. I mean can we only imagine what fintech is going to bring our way in terms of how they want to manage their money. And I’ll tell you one thing I do know about millennials: they are not impressed with having their money locked away so that they can’t possibly get at it.”

Raitt leaves it up to you to fill in the blanks when it comes to imagining what this new technology looks like or how it’s supposed to work.

All she seems to be saying is technology could possibly solve the problem (experts say it won’t).

It also does nothing to address the problem at hand. Experts broadly agree the kinds of voluntary schemes Raitt describes are very ineffective and have proven inadequate at addressing problems with “declining workplace pensions and a Canada Pension Plan with limited benefits.”

Another thing is the same quote-unquote “sharing economy” Raitt points to as the solution is clearly part of the problem – millennials are saving less for retirement due to poor “job prospects, rising student debt and lower real wages,” and this has only gotten worse with the growth of precarious jobs over the last decade.

And isn’t this part of the whole reason why everybody’s talking about expanding the CPP in the first place?

The CPP was established in the 1960s as a way for employees to top-up their retirement income on top of pensions provided by their employer. That’s no longer the case, and expanding the CPP is seen as the most effective way to fill the void for increasingly vulnerable workers – workers like, say, Uber drivers.

Then again, maybe we could tell Lisa Raitt to just think of the Canada Pension Plan as a really cool crowdfunding project?

Think about it: you get people all across Canada to chip in small amounts of money, you pool all that money and use it to help one another kickstart our retirements!

Now that’s what a culture of sharing is all about!

Photo: CTV

Our journalism is powered by readers like you.

We’re an award-winning non-profit news organization that covers topics like social and economic inequality, big business and labour, and right-wing extremism.

Help us build so we can bring to light stories that don’t get the attention they deserve from Canada’s big corporate media outlets.


PressProgress is an award-winning non-profit news organization focused on uncovering and unpacking the news through original investigative and explanatory journalism.

Most Shared

thumb-2023-03-08-BC-workers-recovery News

Ontario Budget 2023: Doug Ford Pulled a Sneaky Move to Quietly Cut Education

Related Stories


BC Workers are Being Forced Into Mandatory Drug Testing and Private ‘Recovery’ Programs

View the post

Budget 2023: Dental Care Plan Will Cover Millions More Uninsured Canadians Than Originally Estimated

View the post

Conservative Party Casts Doubt on Qualifications of Women Cabinet Ministers

View the post


Human rights & inclusion

Amira Elghawaby

Here’s The Problem With Hoping Corporations Will Be Socially and Environmentally Responsible On Their Own

View the post
Politics & strategy

Jeremy Appel

The battle of the PACs in Calgary’s municipal election

View the post
Politics & strategy

Jeremy Appel

27 Different Candidates are Vying to be Calgary’s Mayor. Here Are the Biggest Issues at Stake.

View the post
Newspapers always have a business section – why not a labour section? We’ve launched a free newsletter covering labour issues in Canada.
Get Canadian Labour News You Won't Find in Corporate Newspapers.
We’ve launched a free newsletter covering labour issues in Canada.
Get Canadian Labour News You Won't Find in Corporate Newspapers