Younger investors more likely to contribute regularly to RRSP

Royal Bank poll finds older workers tend to prefer to dump funds in once a year
By
|hrreporter.com|Last Updated: 09/18/2006

W

hen it comes to investing in registered retirement savings plans (RRSPs), young Canadians are taking a decidedly different approach than their parents, according to a poll conducted for RBC Financial Group.

Younger Canadians are more likely to contribute to RRSPs regularly instead of dumping in a lump-sum amount once a year. The poll found 42 per cent of people aged 18 to 34 who have an RRSP made monthly or quarterly contributions. Among investors aged 55 to 59, only 19 per cent made regular contributions.