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Two thirds cite lack of funds as reason for not making RRSP contribution.
Toronto (14 March 2011) – With the 2010 contribution deadline now past, Bank of Montreal (BMO) Friday released the results of a survey conducted during the last week of RRSP season indicating that only four in 10 Canadians (39%) made a contribution or were planning to contribute to their RRSP before the deadline.
These results mirror those from a similar BMO study conducted the same time last year, which found that only 38% of respondents had contributed to their RRSP for the 2009 tax year.
d either reinvest the money or use it to pay bills or reduce their debt load.”
The study, conducted by Leger Marketing for BMO, indicated that the average amount contributed was $4,700. The survey also found that, as contributors get older, the amounts of the RRSP contributions rise.
Those who did not contribute towards their RRSP before the March 1 deadline cited the following reasons:
- lack of funds (67%);
- already having enough money saved to afford an ideal retirement lifestyle (14%); and
- lack of confidence in the market (six per cent).
The online survey was conducted by Leger Marketing from February 21 to 24, with 1502 Canadian adults.
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