Less than four in 10 Canadians made an RRSP contribution in 2010 | National Union of Public and General Employees

Less than four in 10 Canadians made an RRSP contribution in 2010

Two thirds cite lack of funds as reason for not making RRSP contribution.


Toronto (14 March 2011) – With the 2010 contribution deadline now past, Bank of Montreal (BMO) Friday released the results of a survey conducted during the last week of RRSP season indicating that only four in 10 Canadians (39%) made a contribution or were planning to contribute to their RRSP before the deadline.

These results mirror those from a similar BMO study conducted the same time last year, which found that only 38% of respondents had contributed to their RRSP for the 2009 tax year.
d either reinvest the money or use it to pay bills or reduce their debt load.”

The study, conducted by Leger Marketing for BMO, indicated that the average amount contributed was $4,700. The survey also found that, as contributors get older, the amounts of the RRSP contributions rise.

Those who did not contribute towards their RRSP before the March 1 deadline cited the following reasons:

  • lack of funds (67%);
  • already having enough money saved to afford an ideal retirement lifestyle (14%); and
  • lack of confidence in the market (six per cent).

The online survey was conducted by Leger Marketing from February 21 to 24, with 1502 Canadian adults.

NUPGE

The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE