Manitoba leads country in RRSP contributions: Poll
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Hey there, time traveller!
This article was published 14/02/2024 (680 days ago), so information in it may no longer be current.
As the Feb. 29 deadline for Canadian RRSP contributions approaches, Manitobans are taking the lead with a remarkable 66 per cent anticipating contributing to their RRSPs in 2024, according to a new poll by Edward Jones.
This figure stands 17 per cent points higher than the national average of 49 per cent, highlighting the province’s commitment to long-term financial planning.
Despite economic uncertainties, the poll indicates that Manitobans remain cautiously optimistic about their finances, with 86 per cent expressing confidence.
Edward Jones senior strategist Julie Petrera. (Submitted)
The poll said year-over-year data show Canadians are sticking to old habits by continuing to contribute to their RRSPs, with this year’s contributions driven by Canadians aged 18-34 (58 per cent) and 35-54 (62 per cent). As well, 21 per cent of Canadians are planning to contribute the maximum amount.
Edward Jones senior strategist Julie Petrera said amid the current economic climate, Canadians prefer to stick to what they know.
“RRSPs are a valuable retirement savings tool — in fact, they can be used for saving for more than just retirement,” Petrera said.
“I find it promising that a high portion of young Canadians are making choices to save for long-term goals and trust they fully understand the benefits of RRSPs, which can be used for a first home purchase, returning to school and retirement. An adviser can help determine the best way to use these accounts for everyone’s unique situation.”
However, the company also raises questions about whether RRSPs are the optimal retirement savings tool, given the potential long-term costs. It emphasizes the importance of avoiding financial complacency and encourages Manitobans to explore alternative investment strategies when needed, since “retirement planning is not a one-size-fits-all approach.”
The online poll was conducted by Pollara Strategic Insights from Jan. 24 to 26, with a total of 1,699 Canadians aged 18 or older taking part. It is deemed accurate within a margin of plus or minus 2.4 per cent, 19 times out of 20, the investment company said, adding that the findings have been adjusted based on the most recent Statistics Canada data to ensure they are reflective of the entire Canadian population.
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