Economy

Hot Topic: How do your RRSP contributions stack up?

 

In a random sampling of public opinion taken by the Forum Poll™ among 1039 Canadians 18 years of age and older who were not retired, the minority (43%) said they would contribute to an RRSP this year, and of those, the majority will not contribute their maximum (58%).

Among those who will contribute to an RRSP, the average amount planned is about $6500.
Majority contributing same or more this year than last

Close to 8-in-10 Canadians (79%) who will contribute to an RRSP will contribute more than last year (37%) or the same amount (42%). Just one fifth will contribute less (18%).
One half strongly agree RRSP’s are important retirement tool

hot topic 02 13

One half of non-retired adult Canadians strongly agree RRSPs are an important retirement savings tool (49%), and, in total, close to 8-in-10 agree they are important (78%).

More than one half agree they are saving enough for retirement

Close to 6-in-10 non-retired Canadians agree they are saving enough for retirement (57%), and one quarter take the strongest position (strongly agree – 24%).

Two thirds expect to live adequately or better in retirement

Two thirds of non-retired Canadians (62%) say they will live comfortably in retirement (32%), or will have adequate means to live (30%).

One fifth expect to just get by (21%), while one tenth do not expect to be comfortable when retired (8%).

‘RRSP’s are seen as the fundamental building block of a Canadian retirement, so it is surprising to see so many who don’t contribute, or contribute less than their maximum,” said Forum Research President, Dr. Lorne Bozinoff.

 

 

Lorne Bozinoff, Ph.D. is the president and founder of Forum Research. He can be reached at lbozinoff@forumresearch.com or at (416) 960-9603.