Canadians feel poorly about retirement planning but keep saving anyway

Edward Jones Canada survey finds RRSP contribution intentions remain steady, despite feelings of confusion and uncertainty

TORONTO, Feb. 18, 2026 /CNW/ - New data from Edward Jones Canada shows 70 per cent of Canadians report negative feelings about RRSP contributions. Confusion is the most common emotion (40%), with many others feeling unsure that they're maximizing their RRSP opportunities (37%) or worried that they are not contributing enough for a financially secure retirement (36%).

These emotional responses closely align with how well Canadians understand RRSPs with:

• Just over half (56%) understanding the value of tax deductions.
• Only 55% grasping the tax implications of withdrawals.
• Barely half (53%) feeling confident in what happens when a RRSP matures.

Confidence is somewhat stronger around the annual contribution deadline, with two thirds (66%) saying they understand it -- the highest level of financial literacy across all RRSP topics -- but clarity drops sharply beyond that.

"What we're seeing is a generation that knows they need to save for retirement but lacks the confidence that they're doing it right," said Julie Petrera, Director of Financial Planning at Edward Jones Canada. "The good news is that discomfort often signals readiness to seek help and learn."

Intentions Remain Steady
Financial pressure remains the biggest barrier holding Canadians back from making RRSP contributions. More than two-fifths (42%) report financial pressure (insufficient income, high cost of living, debt repayment) as the biggest barrier they face in saving for retirement – up from 39 per cent last year.

However, despite negative emotions and financial challenges, RRSP contribution intentions remain steady. In fact:

• Forty-one per cent of Canadians plan to contribute to their RRSP this year, aligning closely with last year's 39 per cent.
• Fifteen per cent intend to contribute the maximum amount to their RRSP (steady YoY).
• Meanwhile, nine per cent say they cannot afford to contribute – a negligible decline from 10 per cent in 2025.

"It's important to remember that an RRSP is an account, not a complete retirement plan," said Petrera. "Retirement planning is deeply personal, and our financial advisors provide tailored advice to help Canadians, across generations, determine if an RRSP fits into their broader goals and develop a holistic plan to help them on their path to financial fulfillment."

Generational Differences
Younger adults report the highest levels of negative emotions compared to their older cohorts (84% of those 18–34 vs. 75% of those 35–54 vs. 54% of those 55+). In parallel, younger adults report lower levels of financial literacy. Only 36 per cent of adults aged 18–34 feel confident in what happens when an RRSP matures, compared to 50 per cent of those aged 35–49 and 69 per cent of those 55+.

Looking at intentions to save, we see a modest but meaningful rebound with 48 per cent of adults aged 18–34 planning to contribute this year – up from 41 per cent last year and moving closer to the 58 per cent reported in 2024. Among those aged 35-54, RRSP contribution plans remain stable (59% in 2026 vs. 60% in 2025).

However, rising intent has not fully translated into a sense of preparedness. While nearly a quarter of Canadians (24%) say they face no barriers and feel on track for retirement, that sentiment is far less common among younger adults. Only 9 per cent of those aged 18–34 and 15 per cent of those aged 35–54 report feeling barrier‑free and on track. In contrast, nearly half (45%) of Canadians aged 55+ say they face no barriers -- a notable increase among those nearing retirement.

This higher sense of preparedness is most pronounced among age groups with greater access to financial advice. Nearly half (48%) of Canadians aged 55+ have a dedicated financial advisor compared to nearly a quarter (24%) of those aged 35–54 and just 13 per cent of those aged 18–34.

The 2025 RRSP contribution deadline is March 2, 2026. Canadians may be eligible to contribute up to 18 per cent of their previous year's earned income, to a maximum of $32,490 for the 2025 tax year, plus unused carried‑forward room (subject to pension adjustments). More information can be found here.

Online Polling Methodology
Between January 26 and 28, 2026, 1,533 adult Canadians, 18 years of age or older participated in the online survey by Pollara Strategic Insights. A random sample of this size can be considered accurate to within ±2.5per cent. 19 times out of 20. Results have been weighted using the latest Stats Can data to be representative of the Canadian population.

About Edward Jones Canada
Edward Jones is a full-service investment dealer which provides a range of investment products, services, and solutions to retail investors. We have more than 870 financial advisors in Canadian communities from coast-to- coast. A member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund, the firm is also a participating organization in the Toronto Stock Exchange. For more information, visit edwardjones.ca.

SOURCE Edward Jones

Media Contact: Darryl Konynenbelt, Edward Jones Public Relations, [email protected]; Rachael Gallant, Proof Strategies for Edward Jones, [email protected]