Of younger respondents (aged 18 to 24), 41% said they planned to contribute to their RRSPs, down from 60% last year.
(The survey made no mention of whether respondents would contribute to their TFSAs instead.)
The survey further found that only 15% of respondents planned to contribute the maximum amount to their RRSPs, a drop of six percentage points year over year.
Canadians are eligible to contribute up to 18% of their previous year’s earned income, to a maximum of $31,560 for the 2024 tax year, plus unused carried forward room (subject to any pension contribution adjustments).
About four in 10 respondents (39%) said insufficient income, living expenses and debt repayment were barriers to saving for retirement.
“Amid economic uncertainty, it’s clear that Canadians are prioritizing their current expenses and putting retirement planning on the back burner,” said Julie Petrera, senior strategist, client needs with Edward Jones, in the release. “[M]any Canadians admit to not having a specific retirement savings strategy, underscoring a need for comprehensive financial guidance that balances short- and long-term financial priorities.”
About one-fifth of respondents (20%) said they had no specific savings strategy, and only about one-quarter (26%) said they were on track to saving for their ideal retirement.
Less than one-quarter (22%) said they relied on advice from financial advisors.
The polling industry’s professional body, the Canadian Research Insights Council, says online surveys can’t be assigned a margin of error because they don’t randomly sample the population.