BMO's Fifth Annual RRSP Study: Almost Two-Thirds of Canadians Say They Will Contribute to Their RRSP this Year
- Forty-two per cent of Canadians have already contributed to an RRSP, up seven per cent from this time last year and up 12 per cent from two years ago - The average amount contributed to an RRSP in 2013 was $3,518 - One-third of Canadians who will not contribute to an RRSP this year cite "lack of funds available" as the reason
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 01/15/15 -- BMO Financial Group today announced the results of its fifth annual national Registered Retirement Savings Plan (RRSP) study, which found that saving for retirement is an important goal for many Canadians' this year. According to the study, nearly two-thirds (64 per cent) will be making an RRSP contribution before the March 2, 2015 deadline.
The study also revealed:
"It's encouraging to see that a majority of Canadians have contributed already or are planning to contribute to their RRSPs for the 2014 tax year - an indication that Canadians are thinking ahead and planning for retirement," said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group. "However, our study also shows that many are leaving their 2014 contribution to the last minute. To avoid scrambling to find the money before the March 2, 2015 deadline, we recommend that Canadians consider setting up a continuous savings plan which will be easier to budget for and allow for automatic and consistent smaller contributions throughout the year. This helps avoid the stress associated with meeting the deadline."
To Contribute or Not - Reasons Why
The study also examined the reasons behind those who are not planning to make a contribution to an RRSP this year:
The study also looked at what is driving Canadians to make retirement saving a priority this year. This includes:
"It's understandable that competing financial demands make it difficult to put money aside for retirement," said Mr. Buttigieg. "Having a financial plan will help you to identify what you need to save for and how much, making it easier to invest for major milestones in life such as retirement, your children's education or a big purchase in the future like a home. Saving for retirement doesn't have to happen all at once. By starting early and contributing small amounts at regular intervals, you'll see the power of compounding and dollar cost averaging benefit your savings over time."
Regional Breakdown:
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The survey was conducted by Pollara with an online sample of 1,300 Canadians, including 800 non-retirees aged 18-64 and 500 retirees of any age. The survey was conducted from November 12 to November 17, 2014.
Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
Valerie Doucet, Montreal
514-877-8224
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Datum: 15.01.2015 - 16:00 Uhr
Sprache: Deutsch
News-ID 364766
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