More Canadians buying into RRSPs: Study

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QMI Agency

Dec 8, 2012

, Last Updated: 1:53 PM ET

More Canadians are investing in RRSP's, but they are not maxing out their annual contribution, a study says. 

According to BMO Financial Group's third annual national RRSP survey, 67% of Canadians have an RRSP, up six per cent from 2011.  And three-quarters of those polled said they plan to contribute the same amount or more compared to last year. 

Of those who do not have an RRSP, half (49%) said they intend to open one within the next five years. 

The report, released Saturday, shows that last year's average contribution amount was $4,670. 

However, the study also found that 68% of us are worried about the performance of our retirement savings "given the volatility that has characterized financial markets over the last two years." 

"It's encouraging that a growing number of Canadians understand the important role an RRSP can play in preparing for retirement," said Marlena Pospiech, a spokeswoman for BMO Financial Group. " But it's sobering that so many are worried about the performance of their investments within their RRSP. 

"During times of market volatility, it's critical that Canadians have a financial plan that includes a retirement component and that they review their investments regularly and seek out the assistance of a financial professional if needed."