New poll finds 2/3 Canadians will not change their RRSP savings plan
TORONTO, Oct. 29 /CNW/ - The majority of Canadians - 66 per cent - will
not make any changes to their RRSP contribution amount this year, according to
a new poll commissioned by Edward Jones.
"We believe staying diversified and invested during these times is
critical for long-term investment success," says Kate Warne, Canadian Market
Strategist, Edward Jones. "People shouldn't pull out of the markets in
response to bad news - these results show that Canadians are seeing through
Only 8 per cent of Canadians have or plan to decrease their
contributions, while 3 per cent have or plan to increase their contributions.
"We believe the market is presenting great buying opportunities for
quality stocks and equity mutual funds," says Warne. "Just as consumers take
advantage of sales at their favourite department stores, long-term investors
can take this opportunity to purchase quality investments at lower prices."
Warne suggests investors who are concerned about the economic downturn
should consider the following to ensure their retirement savings are well
Don't wait for economic news to improve before investing. Stocks tend to
anticipate economic declines and recoveries so you could miss the next
- Make sure you're not trying to reach long-term goals with short-term
savings. You may have more than you need in short-term GICs.
- With the drop in the Canadian dollar, review your domestic and
foreign investments - you may need to rebalance to return to the
right mix of investments for your long-term goals.
- Consider investing regularly so you're not trying to time short-term
market swings by waiting until conditions improve. In particular,
don't let today's bad news cause you to change your long-term
- Stay invested for the long-term, but be sure you own bonds as well as
stocks - talk to your financial advisor to determine if you have the
right mix of assets.
About Edward Jones
Edward Jones is a full-service investment dealer with one of the largest
branch networks in Canada. It is a member of the Investment Dealers
Association of Canada and the Canadian Investor Protection Fund, and a
participating organization of the Toronto Stock Exchange. Including its
affiliates, Edward Jones serves more than 6 million individual investors in
Canada, the U.S. and the United Kingdom from more than 9,000 locations.
The Canadian survey results are based on an online survey of 1,021
nationally representative adults between October 16 and October 20, 2008
by Harris/Decima. A sample of this size will provide results that can be
considered accurate within plus or minus 3.1 per cent, 19 times out
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