One-in-three Canadians make a contribution to their RRSP
TORONTO, Dec. 16, 2013 /CNW/ - According to a Sun Life Financial/Ipsos
Reid survey released today, 57 per cent of Canadians are not better off
financially than they were a year ago. The sentiment is even stronger
for women and seniors (aged 55 and older), with 61 per cent saying they
aren't better off financially than this time last year.
Sun Life Financial's Annual Check-Up Survey asked Canadians about their
personal finances, retirement planning and the economy as the year
draws to a close. As the finance ministers meet at Meech Lake to
discuss pension-related issues, the survey also revealed that only 36
per cent of Canadians make a contribution to their RRSP.
"It's concerning that a majority of Canadians aren't feeling better off
financially than they were last year - as we head into a holiday season
where we tend to spend more and save less," said Kevin Dougherty,
President, Sun Life Financial Canada. "Canadians can take steps toward
feeling better by putting a financial plan in writing - and perhaps
consider it as a new year's resolution."
The survey provided some insights into the minority of Canadians (38 per
cent) who said they were better off financially than a year ago. Of the
respondents in this smaller group, 65 per cent paid down household debt
this year and 50 per cent said they make lump sum contributions and/or
regular monthly contributions to their RRSP.
The survey results also revealed some regional differences:
Quebecers are least likely to say they feel financially better off than
they were last year (63 per cent).
Albertans are most likely to say they feel financially better off than
they were last year (47 per cent), followed by Saskatchewan and
Manitoba (45 per cent) and Atlantic Canadians (43 per cent).
Atlantic Canadians are the least likely to make RRSP contributions; 67
per cent said they do not make regular or monthly contributions.
British Columbians followed at 64 per cent.
Here are some tips for Canadians to consider when making a new year's
resolution about their finances:
Build a financial plan.
Pay down household debt - the survey found that only 48 per cent of
Canadians paid down debt in 2013.
Make a contribution to your RRSP.
Meet with an advisor to get some advice.
Look into pension plan options.
This month, the Quebec government passed a bill to support a Voluntary
Retirement Savings Plan, marking a significant step toward meeting a
critical need in saving for retirement. Sun Life Financial welcomes
this development and, outside of Quebec, believes a Pooled Registered
Pension Plan will address the concerns of millions of working Canadians
who do not have workplace retirement savings plans.
These are some of the findings of an Ipsos Reid poll conducted between
November 25th and November 29th, 2013, on behalf of Sun Life Financial.
For this survey, a sample of 1,234 adult 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 +/-3.2% percentage points had all
Canadian 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.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Sun Life Financial and its partners have operations in key
markets worldwide, including Canada, the United States, the United
Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India,
China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of
September 30, 2013 the Sun Life Financial group of companies had total
assets under management of $590 billion. For more information please
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
SOURCE: Sun Life Financial Canada
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