The survey found that only 15 percent plan to contribute the maximum amount to their RRSP, down six percentage points from 2024.
Younger Canadians, aged 18-34, are experiencing the most significant decline, with just 41 percent planning to contribute, a notable decrease from nearly 60 percent last year.
Meanwhile, one in ten Canadians report being unable to afford investing in their RRSPs, consistent with last year’s findings.
When asked about the primary barriers to retirement saving, 39 percent of respondents pointed to financial challenges such as insufficient income, high living costs, and debt repayment.
“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 at Edward Jones.