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Fewer Canadians planning and saving for retirement, according
to RBC poll
20th Annual RRSP survey finds only one-in-three Canadians
are planning to contribute to their RRSP
TORONTO, December 16, 2009 — According to the
20th Annual RBC RRSP Poll, one-in-three Canadians (32 per
cent) have not started saving for retirement yet, compared
to one-in-four (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
most noticeable among those aged 55 and over, with fewer (53
per cent) doing any retirement planning compared to 2008 (67
per cent).
Just one-in-three Canadians (35 per cent) have contributed
to or plan to contribute to an RRSP for the 2009 tax year.
This is the lowest percentage of contributors since 1996 (34
per cent). Among those with an RRSP who are not contributing
this year or who are reducing their contribution, half (54
per cent) say it is because of current economic conditions.
"With the recent economic uncertainty, we understand
it may have been difficult for many Canadians to focus on
planning for retirement," said Lee Anne Davies, head,
Retirement Strategies, RBC. "It's not easy juggling many
financial priorities especially during challenging economic
times. That's why we recommend working with an advisor to
review both your personal and financial goals, as well as
consider the unexpected that may impact your lifestyle, and
develop a realistic plan of action."
Respondents are divided over whether Canadians were better
prepared for retirement 20 years ago compared to today, with
49 per cent saying that Canadians were better prepared 20
years ago versus 46 per cent who think we are better prepared
today.
"Life may have been simpler 20 years ago, and with that,
so was planning for retirement," adds Davies. "Today,
retirement is more complex with many factors to consider,
such as boomers faced with financially supporting adult children,
family structure changes and elderly parents living longer.
All of these can place big demands on your time, your focus
and your money. Having a plan would not only make the most
of your situation, but would also provide you with peace of
mind knowing that your investments are on track to achieve
your retirement dream."
2009 RRSP FAST FACTS
- Younger Canadians, those aged 18-34, (45 per cent) and
females (37 per cent) are less likely to have started saving
for retirement.
- Many Canadians are waiting until the last minute to contribute
to their RRSPs. One-in-three (35 per cent) who plan to make
a one-time RRSP contribution expect to do so just before
the March 1st, 2010 deadline.
- Only one-in-four Canadians (24 per cent) plan to maximize
their RRSP contribution for the 2009 tax year. Canadians
aged 18-34 (35 per cent) are most likely to maximize their
RRSP contribution.
- Among Canadians who have an RRSP, 76 per cent plan to
contribute at least as much as what they contributed in
2008.
- Only one-in-three RRSP investors (31 per cent) make regular
contributions through a plan.
- Although mutual funds remain the top planned RRSP investment
choice (42 per cent) for the 2009 tax year, they have been
declining since 2006 (55 per cent). Younger Canadians (aged
18-34) are more likely to favour savings accounts (29 per
cent) and cash (23 per cent).
These are some of the findings the RBC 20th Annual RBC Poll
conducted by Ipsos Reid between October 21 and November 2,
2009. For this survey, a national sample of 1,457 adults from
Ipsos' Canadian online panel was interviewed online. Weighting
was then employed to balance demographics and ensure that
the sample's composition reflects that of the adult population
according to Census data and to provide results intended to
approximate the sample universe. A survey with an unweighted
probability sample of this size and a 100 per cent response
rate would have an estimated margin of error of ±2.56
percentage points 19 times out of 20 of what the results would
have been had the entire population of adults in Canada been
polled. All sample surveys and polls may be subject to other
sources of error, including, but not limited to coverage error,
and measurement error.
Your Future by Design® is RBC's distinctive approach
to help clients identify, plan, and realize their goals for
retirement. With the guidance of RBC financial planners and
investment and retirement planners, Your Future by Design
helps clients create a blueprint for a successful lifestyle
and financial plan for retirement based on what is truly important
to them in key areas in life, including family, health, home,
lifestyle, work/business, mind and spirit, and legacy. To
find out more about how RBC can help build a blueprint for
the future, visit www.rbc.com/yourfuture
or call 1-866-335-4055.
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Media contacts:
Suzanne Willers, RBC, 416-974-2727
Matt Gierasimczuk, Media Relations, 416-974-2124
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Poll
(pdf, 4 pages, 88kB) |
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