Many Canadians wish they had started saving and investing earlier for retirement. After all, that’s one way to be a millionaire (read: Time is on the side of young investors).

Yet again the looming RRSP deadline has triggered a bout of soul-searching as Canadians take stock of their financial footing. Going by the findings of a new Scotiabank survey, most wish they could turn back the clock to get a second go at financial planning.

If they could go back in time, 39% respondents said they would begin investing at a much earlier age. Another 21% would have spent less and invested more, while 41% feel they started saving for retirement much too late.

“Hindsight is 20/20 and until travelling back in time is an option, there is little we can change about the things we could or should have done—the money we could have saved or shouldn’t have spent,” said Bev Moir, senior wealth advisor at ScotiaMcLeod. “What Canadians can do is learn from their past mistakes, take stock of their present financial situation and take steps today to get them on the right track to achieve their ideal future.”

The survey asked Canadians where all their money goes and got the following income statement and found:

  • 53% went to monthly expenses;
  • 19%, day-to-day expenses;
  • 11%, savings;
  • 8% was set aside for investments; and
  • 9% went to “other costs”

On closer inspection of their household savings or investments plans, Canadians said they were employing:

  • RRSP (79%);
  • TFSA (52 %);
  • RESP (21%);
  • RDSP (2%); and
  • Other registered saving or investing (17%)

Sixty-one per cent have money saved and/or invested in non-registered accounts while 13% of respondents indicated they do not have any of these registered savings plans.

Two thirds of Canadians currently hold a regular savings account, while 58% own mutual funds. Nearly hald have a high interest savings account, while 47% said they own equities and 33% own GICs.

The survey noted that Canadians are saving and investing a fair portion of their income, with half of those polled doing this automatically.

“It is great to see that many Canadians are taking the right steps to help them reach their retirement goals, but it is always a good idea to speak with a financial advisor to ensure you are on the right track to achieving your ideal future,” says Moir.