Canadians thinking about New Year’s resolutions can take their cue from RBC’s 15th Annual RRSP poll.
When asked to choose which, out of a list of six activities, they would get to sooner rather than later, the same number of Canadians (41%) cited “making an RRSP contribution” as did “starting an exercise program.” Both activities ranked third, behind filing a tax return but ahead of going on a diet.
“It looks like Canadians are eager to get fit both financially and physically,” said David Richardson, vp of RBC Asset Management Inc., in a release. “Following a fitness routine is not unlike saving for retirement. The key to success for both a fitness program and a retirement savings plan is to start now, stay disciplined and keep at it.”
After being read a list of different activities, survey respondents were asked to rank them on a scale from one to ten, where one means putting it off as long as possible and 10 means getting to it as quickly as possible. Based on the percentage of those who are most likely to get on with it, the results were ranked as follows:
- Filing a tax return (66%);
- Going to the doctor (45%);
- Making an RRSP contribution (41%);
- Starting an exercise routine (41%);
- Going on a diet (22%);
- Cleaning the oven (17%).
Many Canadians may already have some basic instincts about the importance of instilling discipline into their financial “fitness” regimes. According to the poll, two-thirds of Canadians (66%) have an RRSP. Of those, 74% plan to contribute or already have made contributions for the 2005 tax year.
These are the findings of an Ipsos Reid/RBC poll conducted from November 11 to November 21, 2005. For the survey, a representative randomly selected sample of 1,250 adult Canadian was interviewed by telephone. With a sample of this size, the results are considered accurate to within (+/-) 2.8 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled.