The Effects Of Compounding In A RRSP (Graphic Courtesy: ScotiaBank)
With the 2009 Registered Retirement Savings Plan (RRSP) contribution deadline coming to a close on March 1st, 2010, we thought it would be interesting to compile some of the statistics from the numerous investment related, personal finance and retirement surveys and polls that get published in the lead-up to the deadline each year. Bear in mind, all these surveys/polls are sponsored by banks or asset management companies. Now, you might argue that this very fact taints the findings and to tell you the truth, we might be biased in your favor. However, the surveys and polls were completed nonetheless and some of the results will probably surprise a great many of you, as they certainly did us …
Only 38% of Canadians contributed to a Registered Retirement Savings Plan (RRSP) before the March 1, 2010 deadline (BMO - March 2010)
68% of Canadians haven’t opened a Tax Free Savings Account (TFSA) (Mackenzie Investments - February 2010)
53% of Canadians 55 years of age and over have not done any retirement planning (RBC - December 2009)
Only 34% of Canadians reported having a financial plan (BMO - February 2010)
30% of Canadians expect that they will have to work after retirement (Investors Group - November 2009)
20% of Canadians are counting on the Canadian Pension Plan, a lottery win or an inheritance, instead of contributing to an RSP (TD - February - 2010)
37% of Canadians plan to delay their retirement, up from 28% a year ago (Investors Group - November 2009)
40% of both retirees and pre-retirees are concerned about maintaining their standard of living (RBC - January 2010)
48% of Canadians who are still in the work force are worried about not having enough savings (RBC - January 2010)
One in five (18%) Canadians do not know what they hold in their investment portfolios (BMO - February 2010)
58% of Canadians who know what investments they hold think they are not on the right track (BMO - February 2010)
25% of Canadians feel they have enough money to fulfill their retirement dreams (RBC - January 2010)
21% of Canadians say they definitely did not save enough money for retirement (TD - February 2010)
75% of retired Canadians don’t know how much they spent in their first year of retirement (RBC - January 2010)
52% of retired Canadians felt they spent more than they expected in their first year of retirement (RBC - January 2010)
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