Fewer Canadians planning and saving for retirement, says RBC survey

The Canadian Press ~ The News
Send to a friend

Send this article to a friend.

Fewer Canadians are putting money into retirement plans, according to the Royal Bank's annual RRSP poll.
It says 32 per cent of Canadians have not started saving for retirement yet, compared to 24 per cent in 2008.
The study also found only 36 per cent say they are planning or have planned for retirement, down from 42 per cent in 2008.
The decline is sharpest among those aged 55 and over, with 53 per cent doing any retirement planning compared to 67 per cent last year.
RBC also says just 35 per cent of Canadians have contributed to or plan to contribute to an RRSP for the 2009 tax year - the lowest percentage of contributors since 1996.
And, among those with an RRSP who are not contributing this year or who are reducing their contribution, 54 per cent say it is because of current economic conditions.
The RBC poll of 1,457 people was conducted between Oct. 21 and Nov. 2, 2009. The margin of error is plus or minus 2.56 percentage points 19 times out of 20.

Organizations: RBC

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page

Comments

Comments

Recent comments

  • Carlson
    July 02, 2010 - 13:32

    BredRightHere, I couldn't agree more. Saving for retirement is only a valid option if you have a ton of money and want to do something like travel the world in your old age. Everyone in the middle class would be better off buying whatever they can while they're working, and then having the Government swoop in to move all those beautiful toys into a free retirement home.
    Your other option is to scrimp and save every cent your working life to be told you must then spend every cent on housing, while the guy who spent 40 years on welfare down the street moves into the same home on the taxes you paid when you were working.

  • BredRightHere
    July 02, 2010 - 13:30

    Considering the government subsidizes those who, when moving to a retirement home, haven't saved anything, it stands to reason that there's little incentive to save for retirement. If you have saved anything, you must pay your own way while your neighbour gets free room and board. It's the old story of the working class getting the short end of the stick, even when the working days are done.

  • Carlson
    July 01, 2010 - 20:21

    BredRightHere, I couldn't agree more. Saving for retirement is only a valid option if you have a ton of money and want to do something like travel the world in your old age. Everyone in the middle class would be better off buying whatever they can while they're working, and then having the Government swoop in to move all those beautiful toys into a free retirement home.
    Your other option is to scrimp and save every cent your working life to be told you must then spend every cent on housing, while the guy who spent 40 years on welfare down the street moves into the same home on the taxes you paid when you were working.

  • BredRightHere
    July 01, 2010 - 20:17

    Considering the government subsidizes those who, when moving to a retirement home, haven't saved anything, it stands to reason that there's little incentive to save for retirement. If you have saved anything, you must pay your own way while your neighbour gets free room and board. It's the old story of the working class getting the short end of the stick, even when the working days are done.