TORONTO, ONTARIO — (Marketwire) — 03/04/12 — Today BMO Financial Group released the findings of its Third Annual Post-RRSP Deadline Study which found that, despite ongoing volatility in the financial markets, 38 per cent of Canadians contributed or planned to contribute to their Registered Retirement Savings Plans (RRSPs) before the February 29th deadline. The participation rate remained essentially unchanged from the previous two years (39 per cent last year; 38 per cent two years ago).
Additionally, the BMO study found that Canadians have contributed an average of $4,670 to their RRSPs this year – compared to $4,538 last year.
“It-s very encouraging that, despite the instability we-ve seen in the markets over the last several months, almost 40 per cent of Canadians made saving for retirement a priority by making a contribution to their RRSP this year,” said Tina Di Vito, Head of the BMO Retirement Institute. “Regardless of how the markets are doing, it-s critical for Canadians to take ownership of their retirement and save through vehicles such as RRSPs and TFSAs on an ongoing basis.”
Other key findings from the study:
What Prevented More Canadians From Making an RRSP Contribution?
Of those who did not make a contribution this year, 61 per cent cited a lack of funds as the reason. This was followed by:
“Many Canadians are financially stretched and saving for retirement often gets pushed down on the list of financial priorities,” commented Ms. Di Vito. “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-s Tina Di Vito offers tips 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:
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416-867-3996
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514-877-8224
Laurie Grant, Vancouver
604-665-7596