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More Canadians Turning To RRSPs

An increasing number of Canadians are investing in RRSPs, but most are not maxing out their annual contribution, says a Bank of Montreal study. It found 66 per cent of Canadians surveyed have an RRSP, up six per cent from 2011. Of those who do not have an RRSP, 49 per cent say they intend to open one within the next five years. As well, 72 per cent expect to contribute the same amount or more to their RRSP than they did last year. Last year's average contribution amount was $4,670. However, the study says many are worried about the health of their RRSPs given the volatility that has characterized financial markets over the last two years.

Courtesy of Benefits and Pensions Monitor website News Alerts

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