Young Canadians Using RRSPs
The ‘22nd Annual RBC RRSP Poll’ shows that 43 per cent of Canadians between the ages of 18 and 34 now hold RRSPs. This represents a shift from last year when the number of younger Canadians holding RRSPs dropped to its lowest point in almost a decade (39 per cent). In addition, retirement savings has moved up to fourth place on the list of financial priorities for this age group, compared to its seventh place position last year. What has slipped significantly for the 2011 tax year is the percentage of younger Canadians who plan to contribute the maximum to their RRSPs. In the 2010 tax year, young Canadians were the most likely age-group to maximize their RRSP contribution (33 per cent). For the 2011 tax year, they are the least likely to do so at 16 per cent (compared to 25 per cent of all Canadians).
Courtesy of Benefits and Pensions Monitor website News Alerts
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