Average Canadian Starts Saving for Retirement at Age 32

Toronto, ON - With so many sources telling them to start saving for retirement as early as possible, the average Canadian won't start putting away for their retirement until their early thirties, according to a new poll conducted on behalf of Ipsos Reid on behalf of RBC. The data reveals that the average Canadian won't start saving for retirement until the age of 32. One in five (21%) will start saving for retirement before the age of 25, while one in four started saving for retirement between the ages of 25-34 (24%) or 35-54 (26%). Only 3% of Canadians started saving for retirement at 55 or later. Alarmingly, one in four (26%) Canadians have not started saving for retirement yet.

Those who are saving, more specifically putting money into RRSPs, however, are making regular contributions to their retirement savings. Three in five (60%) Canadians who have RRSPs and have contributed or plan to contribute before the end of the 2012 tax year make either regular weekly or bi-weekly contributions (31%) or regular monthly contributions (29%). One in three (32%) make or plan to make a one-time contribution, while one in ten (7%) make a series of contributions whenever they have some money. 1% of Canadian RRSP holders who have contributed to or are planning on contributing to their plan for the 2012 tax year don't know when they'll contribute.

With the ability to contribute to their RRSPs right up until the end of the 2012 tax year on March 1, 2013, regular contribution plans appear to be the top means of contributing to RRSPs by Canadian plan holders. Two in five (37%) Canadian RRSP holders, aged 18-54, `contributed through a regular contribution plan, such as monthly or quarterly', while one in five (23%) Canadian RRSP holders, aged 18-54, have `not made a contribution but plan to contribute. Another one in five (17%) have `already made a contribution and plan to contribute more'. One in ten Canadian RRSP holders, aged 18-54, have either `not made a contribution and do not plan to contribute' (11%), have `not made a contribution and are unsure if they'll contribute' (9%), or `already made their entire contribution for the 2012 tax year' (7%).

These are some of the findings of an Ipsos Reid poll conducted between October 24th to November 27th, 2012, on behalf of RBC. For this survey, a sample of 1,225 Canadian adults from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.2 percentage points had all Canadians adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:

Sean Simpson
Associate Vice President
Ipsos Reid Public Affairs
416.572.4474
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos

Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.

With offices in 84 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.

Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.

Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,363 billion (1.897 billion USD) in 2011.

Visit www.ipsos-na.com to learn more about Ipsos' offerings and capabilities.