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RRSP Numbers Recovering

6 out of 10 Canadian adults (59%) now own RRSPs, after dipping to 55% in 2012, and the amount they plan to contribute by this year's March 3 deadline has risen to an average of $4,653, up about $500 compared to last year, says the ‘24th Annual RBC RRSP Poll.’ The poll indicates that younger Canadian adults in particular ‒ those aged 18 to 34 ‒ are showing increased attention to RRSPs. Half (50%) of this age group now own RRSPs ‒ the highest number in the past six years and a full 10% higher than 2012. Their planned RRSP contribution amount has jumped up by 39% to an average of $4,329 compared to $3,104 last year. While three-quarters (74%) of those with RRSPs indicate they won't be making the maximum allowable contribution this year, this is not necessarily a cause for concern, says Richa Hingorani, senior manager, financial planning support, RBC Financial Planning. "Maxing out your contribution at the start of the year is great if you can afford it, but for most Canadians regular contributions throughout the year is a more realistic and effective approach. By building RRSPs into your cash flow, you can start small and adjust as you go."

Courtesy of Benefits and Pensions Monitor website News Alerts

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