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Canadians Unprepared to Retire

By Andrew Rickard | February 20 2015 12:57PM

Most Canadians have not set aside enough money for their retirement, and women are especially at risk of having a reduced standard of living in their old age.

The Royal Bank of Canada (RBC) has released the results of its 25th annual poll about registered retirement savings plans (RRSPs). While 61% of those surveyed said that one of their top concerns is that they might run out of money should they live to 100, only 39% set aside money for their retirement last year, and 30% said they did not have any retirement savings at all.

The poll also found that women are particularly unprepared; 75% of the women surveyed do not have a retirement savings goal (compared to 62% of men), 44% do not have a company pension plan (compared to 38% of men), 39% do not own RRSPs (compared to 31% of men), and 60% say they do not have a financial plan (compared to 54% of men).

The poll was conducted for RBC by Ipsos Reid in November, and surveyed 3,205 Canadians age 18 and over. Ipsos Reid says it used quota sampling and weighting in order to balance demographics and ensure that the sample's composition reflects that of the adult population according to Census data.

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