Canadians Resolve to Top Up RRSPs in 2012
More than two-thirds of Canadians have made the same New Year’s resolution this year – they will contribute as much or more to their RRSPs.
A shaky world economy and tighter take-home pay won’t keep Canadians from topping up their RRSPs in 2012.
The new Bank of Montreal survey out today says 69 per cent will invest the same this tax year (an average of $4,700) or more than they did in 2011.
The survey also shows 71 per cent of respondents are worried about their RRSP’s performance, and with good reason.
These findings come after the Toronto Stock Exchange fell more than 10 per cent last year, further wearing down RRSP returns.
Hopefully, these numbers indicate Canadians are paying attention to the euro zone crisis and soaring household debt levels.
According to CGA-Canada, assuming household debt was evenly distributed across all Canadian households, a family with two children would owe an estimated $176,461.
Resolving to squirrel away more money for retirement is a much better response than sticking your head in the sand. The desire to shore up our retirement savings and get our personal finances in order, while a common resolution, is probably one of the best goals we could achieve in the new year.
It’s right up there on the list with “getting in shape,” but maybe we can stick to this one. (I’ve already stopped going to the gym, and it’s only January 3 – so much for that resolution.)
Cheers to a New Year and a healthy financial future.
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