Fewer Canadians plan to contribute to retirement savings: BMO survey
NANAIMO – It’s tax season, the time of year when people start thinking about making RRSP contributions.
A new survey for BMO Financial Group finds that fewer people plan to contribute this year. BMO’s vice president of global asset management Robert Armstrong says some Canadians simply just can’t afford it.
“I think whenever you look at why there’s fewer people contributing, people continue to have issues with not having enough money to make that contribution,” said Armstrong. “There’s other expenses that are taking precedence over the RSP contribution unfortunately.”
But on the other side of the coin, Armstrong says the people that will invest plan to contribute a significant amount more this year.