Saving And Investing For Retirement Is A Top Priority For First Time Since 1999�
January 9, 2006, Toronto, ON – According to a recent Ipsos Reid RBC survey released today, retirement savings is an issue of major priority for most Canadians, as the largest percentage (38%) point to �retirement savings� when asked what are their biggest financial priorities for them right now, while issues like making �regular payments to reduce debt� (28%) and �just trying to keep their head above water� (27%) trail further back on their priority list.
Evidence that Canadians are getting serious about their retirement savings is further strengthened by the fact that, on average, Canadian RRSP holders say they are planning to contribute $5,700 to their RRSP for the 2005 tax year – an increase of $140 over what Canadians said they were going to contribute to their RRSP in 2004 ($5,560), and nearly double the amount Canadians contributed in 1993 ($2,866).
And, nearly half of Canadians (45%) have contributed to, or plan to contribute to, an RRSP this year.
Further, while the average current market value of Canadians RRSPs sits at $61,656, down slightly from last year, it is up very substantially from 2001, when the average value sat at $50,662.
Today, 66% of Canadians have a Registered Retirement Savings Plan (RRSP) � essentially unchanged from the 65% who had an RRSP last year
These are the findings of an Ipsos Reid/RBC poll conducted from November 11th to November 21st, 2005. For the survey, a representative randomly selected sample of 1250 adult Canadian was interviewed by telephone. With a sample of this size, the results are considered accurate to within �2.8 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were weighted to ensure the sample’s regional and age/sex composition reflects that of the actual Canadian population according to the 2001 Census data.
Ipsos Reid is Canada’s market intelligence leader and the country�s leading provider of public opinion research. With operations in eight cities, Ipsos-Reid employs more than 300 researcher professionals and support staff in Canada. The company has the biggest network of telephone call centres in Canada, as well as the largest pre-recruited household and on-line panels. Ipsos Reid�s Canadian marketing research and public affairs practices are staffed with seasoned research consultants with extensive industry-specific backgrounds, offering the premier suite of research vehicles in Canada�including the Ipsos Trend Report, the leading source of public opinion in the country�all of which provide clients with actionable and relevant information. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, visit: www.ipsos.ca