Excited about the prospect of retiring. Worried about their savings. These are the conflicting emotions many working Canadians experience when thinking about retirement, according to a new poll released by the TD Canada Trust.

More than one-third can’t wait to stop working and enjoy life, however another third say that even thinking about saving for retirement makes their hearts pound because they haven’t saved enough.

“What is alarming is that 20% of people surveyed said that instead of contributing to an RSP, they are counting on either the Canada Pension Plan, an inheritance or a lottery win,” says Carrie Russell, senior vice president, core banking and payments, TD Canada Trust.

Ninety-one per cent of Canadians say they have fears about retirement. More than half (52%) of working Canadians under 65 are scared that they have not saved enough money for a comfortable retirement.

The majority of Canadians are making a conscious effort to save for retirement, with 64% of Canadians surveyed saying they contribute to an RSP.

The survey found that of those Canadians who contribute to an RSP, 53% contribute through a fixed monthly deposit, 29% make one lump sum payment a year and 18% use a combination of the two.

Many younger Canadians are not getting the message about benefits to starting contributions earlier in life. The poll found that 41% of Canadians between 18 and 34 do not currently contribute to an RSP.

To help show the value of starting early, TD created My First RSP. The message behind My First RSP is simple: starting to put away a little savings when you’re young can add up to a big difference.

Canadians can learn more about My First RSP by visiting the interactive web page at www.myfirstrsp.com or by visiting the TD Money Lounge on Facebook.

The TD Retirement Savings Poll, conducted by Angus Reid Public Opinion, surveyed working Canadians under the age of 65 to better understand their attitudes and behaviours about retirement savings. The total sample size includes 1,002 working Canadians with polling completed January 11-13.

IE