Despite market volatility, more than half of Canadians (54%) are still focused on growing their retirement savings, says RBC’s Financial Independence in Retirement poll.
They’re also prioritizing saving for a rainy day (46%) and paying off debts through regular payments (42%), the poll says, since they continue to face low interest rates and a dipping loonie.
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The poll notes the groups most concerned about finding a balance between meeting current and future financial goals are those aged 18 to 29 (86%) and 40 to 49 (79%)—these two groups are also least likely to have financial plans (61% and 59%, respectively), compared to the Canadian average of 51%.
Read: Review risk tolerance during bear markets
Additional findings
- If Canadians could only contribute to one account, 46% would select TFSAs while 28% would choose RRSPs (that compares to 43% and 32%, respectively, in 2015). Still, more than half (55%) have RRSPs (Read: Do’s and don’ts of RRSPs: Golombek).
- And, 38% of RRSP owners have made or intend to make contributions for 2015 (that compares to 37% in 2015).
- However, 31% have not started saving for retirement, compared to 30% in 2015.
- Finally, of those saving for retirement, 50% use automatic savings plans while 39% save whenever possible (that compares to 44% and 39%, respectively, in 2015).
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Canadians hoarding cash amid volatility