Many Canadians are not changing their savings habits despite the current financial crisis, according to a recent survey commissioned by ING Direct.

The survey found that more than half of Canadians (55%) plan to contribute approximately the same amount to their 2008 RSP versus last year, while 30% said they would contribute less.

According to the survey, mutual funds are the most commonly held investment for retirement savings and Canadians are not planning to change their reliance on these funds.

The survey found that while most Canadians are aware that they are charged fees for their mutual funds (80%), half of them don’t know how much they are paying to hold these investments or the impact of these fees on long-term savings potential.

Further, while Canadians have taken steps in recent months to re-evaluate their financial decisions by consulting with advisors and paying closer attention to market swings, the survey found that only 8% have taken the initiative to become more knowledgeable about the fees they pay.

“We want Canadians to know there are many opportunities to save more money and the easiest way to do this is by taking control of their own portfolios,” said Peter Aceto, president & CEO, ING Direct, in a release.

The survey results indicate an opportunity for Canadians to become more aware of the fees associated with their funds, and how they might be able to lower them. Although approximately half of Canadians did not know how much they paid in fees for their funds, those who did know claimed to pay about 2.5% in fees on average.

The average Canadian balanced fund charges a 2.6% MER.

The survey also revealed that Canadians’ investment choices, knowledge and behaviour varies greatly across the country.

Mutual funds are owned by more Canadians in their RSPs than any other financial product (88%). The three most popular products used for retirement savings after mutual funds are GIC’s (23%), individual stocks (21%) and money market funds (21%).

Western Canadians own more mutual funds than other regions in Canada, 51% vs. 39% nationally.

In Quebec, bonds are more popular retirement investments in comparison with Ontario, the West and Atlantic Canada, 33% vs. 10% nationally.

Western Canadians bought the most mutual funds over the past six months (27%) while Atlantic Canadians bought the least (15%) of all regions.

When asked about investment behaviour in light of the current downturn, Ontario residents said they are less likely to contact a financial advisor with respect to their investments than other provinces, 67% vs. 80% nationally.

Only 15% of Canadians surveyed know the average fee charged by fund companies to hold mutual funds. Those in Western Canada were most knowledgeable (15%) while Atlantic Canadians were least knowledgeable (9%).

Seventy-five per cent of those surveyed indicated they currently have a financial planner or investment advisor. Of these respondents, 7% intend to switch their primary financial advisor or do more investing on their own (11%).

– When asked about financial advisors given the market downturn, Atlantic Canadians said they are the most likely to keep their primary financial advisor (88%) while Westerners are least likely to keep their advisor (77%).

Seventeen per cent of those aged 55+ expect to retire later than planned due to the recent downturn while 30% of those aged 35-54 indicated retiring later than planned.

From Nov. 21 to 27, 2008, Angus Reid Strategies conducted an online survey among a randomly selected, representative sample of 1,004 adult Canadians through the Angus Reid Forum. The margin of error for the total sample is +/- 3.1%, 19 times out of 20.