Fewer Canadians planning and saving for retirement, says RBC survey

Fewer Canadians are putting money into retirement plans, according to the Royal Bank's annual RRSP poll.

Canada's largest bank said Wednesday that 32 per cent of Canadians have not started saving for retirement yet, compared to 24 per cent in 2008.

The study also found only 36 per cent say they are planning or have planned for retirement, down from 42 per cent in 2008.

The study does not say what the reasons are for the decline in RRSP investment intentions. But economists have noted that one reason may be the recession, which has pushed up the jobless rate and squeezed Canadian living standards, leaving less money for investing. (more)