According to a survey conducted for the education savings firm Universitas, 42% of Quebecers did not save or invest last year.

The savings rate was lowest for people between the ages of 18 and 34, 55% of whom did not set any money aside in 2014. Of those who did save, 36% used Registered Retirement Savings Plans (RRSP) and 32% used Tax Free Savings Accounts (TFSA), while 11% purchased stocks, 8% invested in Registered Education Savings Plans (RESP), and 5% bought real estate. The survey also revealed that 72% of Quebecers contributed less than $1,000 to their RRSP in 2014, while according to Statistics Canada the national average was $1,474.

Universitas notes that knowledge of RESPs appears to be limited in the province, with 66% of those surveyed unaware of the fact that both provincial and federal governments offer grants for RESP investments. Only 7% of respondents said they knew that the combined grants available under the Canada Education Savings Grant (CESG), the Quebec Education Savings Incentive (QESI) and the Canada Learning Bond (CLB) could reach $12,800 per child.

The survey revealed several demographic differences. Universitas says that 45% of francophone respondents did not invest last year, compared to 29% of anglophones. The sexes also appear divided over the question of RRSPs and TFSAs; 42% of men and 31% of women purchased RRSPs, while 35% of women purchased TFSAs, compared to 28% of men.