Canadians investing less in RSPs

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|CHRR, Guide to Pensions & Benefits|Last Updated: 02/11/2003

About a quarter of Canadians are relying primarily on company-paid pension plans, according to a recent survey, and the majority plan on investing less for their retirements this year than in 2002.

The TD Wealth Management RSP Investor poll found Canadians expect an average 8.9 per cent return on their retirement investments in 2003, the same they expected the year before. But the average contribution is expected to be about $3,900, 20 per cent lower than last year’s average of $4,850.

The survey found a large drop in the size of the nest egg Canadians think they’ll need to live on after retirement, down to $547,000 from $652,000 in 2002.