Canadians are more likely to spend time choosing a restaurant at this time of year than planning for retirement, said a recent Desjardins Financial Security study.

Putting money into an RRSP instead of a fancy dinner may not seem like a romantic Valentine’s Day gesture, but Desjardins says planning for a secure future may be the best investment.

According to an annual Desjardins retirement survey, the proportion of workers 40 and older who say they have a savings accumulation plan is down to a low of 53%, compared to 62% of respondents in 2006. The rate drops to 42% for those 40 and over with only a high school education and to 27% for those with household incomes of $50,000 or less and personal savings of $25,000 or less.

“It is disappointing, but not surprising,” says Monique Tremblay, senior vice president, savings and segregated funds, at Desjardins. “People tell us that they can’t imagine their lives five or ten years down the line, let alone 30 or 40. Our challenge is not only to communicate a certain sense of urgency, but also to show them it can be fun and easy to save by giving them tangible strategies they can use today to start on the road to a financially secure retirement.”

Just over a quarter of workers 40 and over who had a retirement savings management plan had prepared it themselves, according to the survey. Desjardins notes that self-designed plans may not take into account the wide array of factors and risks that can impact a nest egg, such as market-related factors, rising life expectancies and healthcare costs.

“In the years leading to retirement, many feel like they have all the time in the world to plan and prepare for life after work,” adds Tremblay. “One unfortunate consequence of this is that many Canadians entering retirement do not have adequate savings in place or a prepared plan that specifies not only how they will use their savings to generate retirement income, but also how they will pay for the expensive care they might need in the last few years of their lives.”