Younger Canadians contribute more to RRSPs: Survey

Group also place more importance on retirement than elders
|hrreporter.com|Last Updated: 02/25/2011

Canadians aged 18 to 34 place more importance on retirement than their elders, according to a National Bank retirement index survey. This age group had a score of 7.6 out of 10 (up from 7.1 in 2009) compared to those aged 35 to 49 (7.1) and 50 to 64 (7.5) when asked “How important is the idea of retirement for you?” found the survey of 1,554 respondents across Canada.

The younger age group also claimed to be more confident when it came to financial issues, as their overall retirement index score rose from 4.6 to 5.1 out of 10 since a survey in the summer of 2010. Confidence was gauged by answers to statements such as: “I am confident I won’t have to return to the job market once I’ve retired,” “I am confident I will be able to meet my retirement savings targets” and “I know quite a bit about the financial aspects of retirement.”

Young Canadians also plan to make a larger contribution to their RRSP, with an average payment of $5,167, compared to $4,186 by those aged 35 to 49 and $5,032 by those aged 50 to 64, found the survey.

In addition, 39 per cent of Canadians aged 18 to 34 plan to contribute to a registered retirement savings plan (RRSP) by the end of February, up from 35 per cent in 2009, found National Bank.

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