An increasing number of Canadians say they are unable to save for retirement, with just 39 percent saying they plan to contribute to their RRSP this year, down from 49 percent in 2024.
According to the polling data from Edward Jones Canada, which surveyed 1,528 Canadians in January, the diminishing RRSP contributions reflect the “economic pressures faced by Canadians, particularly in the face of high living costs and debt burdens.”
“Amid economic uncertainty, it’s clear that Canadians are prioritizing their current expenses and putting retirement planning on the back burner,” said Julie Petrera, senior strategist for client needs at Edward Jones.
Just 15 percent surveyed said they plan to contribute the maximum amount to their RRSP, which was down from 21 percent in 2024. The decline was larger with young Canadians, with just 41 percent of those aged 18 to 34 planning to contribute at all, down from nearly 60 percent in 2024….