Blogs & Comment

Gen X retirement savings

You can tell when RRSP season gets going: financial institutions start sending out results from polls they commissioned on retirement savings and plans. The one I got today had an interesting kicker: it found that only one in four Gen Xers (ages 30 to 44) think that Boomers had an exceptional or positive impact on society, politics and the economy.
Looks like the Boomers arent the only cohort to have a generation gap with their parents! Otherwise, according to the poll sponsored by Investors Group, Gen Xers share similar perspectives to Boomers, especially when it comes to their vision of retirement and how they are going to get there. Of note:
61% have RRSPs 85% plan to contribute the same or more in the coming tax year 39% have TFSAs
Other interesting tidbits from the survey of Gen Xers:
39% work with a financial advisor 43% plan to invest their RRSP contribution in the stock market via mutual funds 28% plan to put it in GICs or the money market 20% are undecided on where to invest RRSP 54% follow a budget