Canadian RRSPs Rebound: Ownership and Contributions Up in 2013
Interestingly, despite this escalation of RRSP ownership and increasing contributions, three-quarters (77%) of those with RRSPs indicate they won't be making the maximum allowable contribution this year. A quarter (23%), however, does plan to contribute the maximum allowable amount.
The results of the survey also reveal that younger Canadians (those aged 18-34) are showing increased attention to owning RRSPs. Half (50%) of younger Canadians now own RRSPs, the highest this ownership figure has been in the past six years and a full 10 points higher than those who claimed RRSP ownership in 2012 (40%). Planned contributions among this group have also jumped by 39% to an average of $4,329 compared to $3,104 last year.
Regular contribution plans continue to be the top means for adding money into RRSPs, with one in three (34%) making regular contributions. Of those making regular contributions, most (61%) contribute either weekly, biweekly, or monthly, with one in four (25%) making one-time yearly contributions and one in ten (10%) contributing whenever they have some money.
More than seven in ten (72%) RRSP holders report they have unused contribution room. Of owners with unused contribution room, four in five (78%) don't expect to be able to or don't know if they will use up all their contribution room before they retire. Among those not expecting to or not knowing if they'll use this amount, the majority (59%) are not worried about unused contribution room impacting their ability to retire when they want to.
Most RRSP holders appear to be satisfied with the diversity of their investments as well, as eight in ten (81%) say they are not planning to change their investment mix within their RRSP. Mutual funds (43%) continue to be the preferred investment choice, followed by savings accounts (22%) and GICs/term deposits (20%).
These are some of the findings of an Ipsos Reid poll conducted between November 6th to 20th, 2013 on behalf of RBC. For this survey, a sample of 2,062 Canadians 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 +/- 2.5 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
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 85 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 e1,789 billion (2.300 billion USD) in 2012.
