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Canadians Say They Need Big Retirement Savings, But Might Fail

However, more than half of respondents said they were unsure of how much they needed for their desired retirement goals, with those in the prairie most likely to account for their uncertainty (61%).

RRSP Contribution

With the March 1 deadline for RRSP contributions fast approaching, the retirement study also shows that 58% of respondents plan to contribute this year. Atlantic Canada is the only province where less than 50% of respondents plan to do so.

Of the 60% of people with RRSPs, two-thirds have contributed to saving for retirement, nearly a quarter have done so to achieve financial independence as early as possible, and 14% are saving for early retirement.

Couples were most likely to have an RRSP (69%) compared to singles (45%) and widowed, divorced or separated (52%). Couples are also more likely to know how to contribute to the RRSP.

Canadians who are widowed, divorced or separated were more likely to say that not having enough money to contribute to their RRSPs this year (42%) was a hindrance, compared to couples (26%) and singles (29%) Is.

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