One in three Canadians aren’t saving for retirement: RBC Poll

Women in particular are unprepared for their post-career lives.

TORONTO — A majority of Canadians appears to be leaving their retirement up to chance rather than choosing to plan their options, according to the RBC RRSP Poll.

While 61% of respondents agree that one of their top concerns is running out of money if they live to age 100 – a real possibility with longevity increasing for both women and men – only 39% confirmed they had put any money toward retirement savings in 2014 and almost 30% reported they haven’t yet started saving for retirement.

The annual RBC poll also indicated that women are particularly unprepared for retirement:

  • Three quarters (75%) don’t have a retirement savings goal (compared to 62% of men);
  • Two thirds (67%) responded that they have not done any retirement planning (compared to 55% of men);
  • 60% don’t have a financial plan (compared to 54% of men);
  • 39% don’t own RRSPs (compared to 31% of men);
  • 44% don’t have a company pension plan (compared to 38% of men).

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