Welcome!

News Feed Item

New year, new resolve: saving for retirement outranks reducing debt in 2014 for Canadians, says RBC poll

Significant jump in RRSP ownership among 35 to 54 year olds

TORONTO, Jan. 9, 2014 /CNW/ - Reversing last year's rankings, more Canadians are citing saving for retirement as a top financial priority compared to those who are prioritizing paying off debt, according to the 24th Annual RBC RRSP Poll. Over half (52 per cent) are now focusing on increasing their retirement savings, with 48 per cent placing a priority on debt reduction, compared to 44 per cent and 54 per cent respectively in last year's poll. This reversal of financial priorities is even more marked among middle-aged Canadians - those 35 to 54 years old - with almost two-thirds (62 per cent versus 52 per cent last year) focusing on saving for retirement ahead of reducing debt (52 per cent versus 56 per cent).

"These findings indicate Canadians are more comfortable with how they are managing their debt and this is allowing them to focus more strongly on retirement savings this year," explained Bill Hill, national retirement planning consultant, RBC. "To help ensure those savings will support the retirement they have in mind, we recommend they review their lifestyle and financial goals with a financial advisor as early as possible."

The annual RBC poll also found that RRSP ownership among those aged 35 to 54 has jumped to 68 per cent from last year's 58 per cent.  In addition, one-quarter (26 per cent) of middle-aged Canadians has determined they will need to save, on average, $545,000 for a comfortable retirement.

"This is the age group that needs to be planning now for the lifestyle they want to have in retirement," Hill emphasized. "As Canadians who have already retired know, there is so much more to your retirement years than just the money you think you'll need. The beginning of each new year is a good time to sit down with a financial advisor to explore all aspects of a successful retirement - you may well find you have more options than you are aware of today."

24th ANNUAL RBC RRSP POLL - FAST FACTS

Financial Priority Canadians
18+
Canadians
35-54
2013 2012 2013 2012
Retirement savings 52% 44% 62% 52%
Reduce or eliminate debt 48% 54% 52% 56%
Rainy day savings 43% 44% 39% 40%
Home ownership 32% 34% 29% 33%
Keep head above water 30% 32% 30% 32%
Saving for large purchase 25% 28% 19% 22%
Building investment portfolio 23% 17% 22% 16%
Home renovation 20% 20% 20% 20%
Child/grandchild education 16% 20% 18% 24%
Supporting aging parents 7% 7% 7% 6%

RRSP Ownership 2013 2012 2011 2010 2009
Canadians 18+ 59% 55% 60% 61% 54%
Canadians 35 to 54 68% 58% 67% 70% 57%

Comfortable
retirement savings
amount estimated
C$ hundred thousands
2013 2012 2011 2010 2009
Non-retired Canadians $610 $564 $778 $655 $656
Retired Canadians $235 $347 $339 $274 $267
Canadians 18+ $476 $465 $601 $501 $497
Canadians 35 to 54 $545 $547 $786 $633 $581

About RBC's financial planning advice, resources and interactive tools
Canadians can access RBC Financial Planning and rbc.com/savingsspot for free planning, budgeting and savings advice and resources, or to find the nearest Investment and Retirement Planner. The RBC Advice Centre offers free online advice, resources and tools regarding retirement and estate planning including RRSPs and the RSP-Matic Savings Calculator. In addition, RBC's myFinanceTracker, a comprehensive online financial management tool, offers all personal RBC online banking clients the ability, at no cost, to create a budget and track their spending habits, as well as manage and plan their taxes.

About the 24th Annual RBC RRSP Poll
The 24th Annual RBC RRSP poll was conducted by Ipsos Reid between November 6 to 20, 2013 via a random sample of 2,062 Canadian adults in the general population (aged 18 and over). The results are based on samples where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. A weighted probability sample of 2,062 Canadian respondents, with 100 per cent response rate, would have an estimated margin of error of ±2.2 per cent, 19 times out of 20.

SOURCE RBC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...