According to the Bank of Montreal, fewer Canadians are saving for their retirement.
BMO’s 8th annual RRSP study suggests more than a third of Canadians are not contributing to their RRSP’s before this year’s deadline, with 40 percent of those not contributing citing they don’t have enough money to do so this year.
Spokesman Rob Armstrong says the numbers are concerning
“We’re seeing a situation where RRSP has been around for quite a while now and a lot of people know what the RRSP is. But it seems this year, a number of people contributing to the RRSP has remained basically flat year over year nationwide.” said Armstrong.
Of those Canadians who are contributing to their RRSP’s, 42 percent say the main reason why they’re doing so is to have enough to get by when it comes time to retire.