While the top activity for preparing for retirement remains saving money (70%), Canadians not yet retired are taking a more holistic approach and are also focused on paying off debt (66%), according to the 23rd Annual RBC RRSP Poll.
Figuring out what regular expenses would be (45%) and building up an investment portfolio (39%) were the next most common activities cited in preparation for retirement.
Balancing these competing financial priorities remains a challenge for many Canadians. This year’s study found that more Canadians are worried about balancing saving for immediate priorities versus saving for the longer term (81% in 2012 compared to 77% in 2011).
While it is advisable for many Canadians to maximize their RRSP contributions, just over one-in-four (27%) Canadians with an RRSP plan to do so for the 2012 tax year. Younger Canadians are breaking this trend: twice as many Canadians between the ages of 18 and 34 with an RRSP say they will contribute the maximum allowable amount this year (32% in 2012 compared to 16% in 2011).
The 23rd Annual RBC RRSP poll was conducted by Ipsos Reid between October 24 and November 27, via a random sample of 1,225 Canadian adults in the general population (aged 18 and over). A weighted probability sample of 1,225 Canadian respondents, with 100% response rate, would have an estimated margin of error of ±3%, 19 times out of 20.