VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/01/12 — BMO Financial Group today released the findings of its Third Annual Post-RRSP Deadline Study, which found that one-third of British Columbians contributed or planned to contribute to their Registered Retirement Savings Plans (RRSPs) before the February 29th deadline. Residents of B.C. also led the country in the average amount contributed at $6,700. This was $2,000 more than the national average contribution amount.
Other key findings from British Columbia:
“Contributing to an RRSP remains the most effective way to save for retirement and British Columbians should feel pride in the fact that they led the country in the amount contributed this year,” said Mark Breakspear, Investment Sales Manager, Vancouver Centre District, BMO Financial Group. “However, while a third of the province-s residents made a contribution before the deadline, there still remains a significant number who didn-t. We encourage these people to meet with a financial professional who can help them develop a financial plan and get them on track to secure their retirement.”
Key National Findings:
“Many Canadians are financially stretched and saving for retirement often gets pushed down the list of priorities,” said Tina Di Vito, Head of the BMO Retirement Institute. “However, saving for retirement doesn-t have to happen all at once. The key is to make regular contributions to your RRSP, regardless of the amount. You-ll be surprised how quickly your nest egg will grow over time.”
BMO offers advice on how to find those extra dollars for your RRSP:
For more information on planning for retirement, please visit
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The survey was completed online from February 21, 2012 to February 23, 2012, using Leger Marketing-s online panel, LegerWeb, with a sample of 1,500 Canadians. A probability sample of the same size would yield a margin of error of +/- 2.5%, 19 times out of 20.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
Contacts:
Media Contacts:
Laurie Grant, Vancouver
604-665-7596