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Canadians Not Contributing This Year

With the RRSP contribution deadline just four weeks away, Scotiabank's annual ‘Investment Poll’ found that two-thirds of Canadians who plan to retire say their RRSPs will be their source of retirement funding (65%). Yet, almost half (49%) say they do not plan to contribute to their RRSPs this tax season. In addition to their RRSPs, top sources of retirement funding for Canadians include their savings (60%), the government (57%), work pension (52%), and selling their home (22%). Four in 10 of those who expect to retire in the future (41%) think they will need less than $300,000 for their ideal retirement. Over the past five years, Canadians say they have saved an average of $24,469 (this is down from the $31,824 they reported saving over a five year period in 2011). Two-thirds of those who expect to retire say they are concerned about not having enough money to support their retirement (68%).

Courtesy of Benefits and Pensions Monitor website News Alerts

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