POLL SHOWS CONSUMERS NOT SAVING ENOUGH
By Adnews Staff
A recent poll conducted by Goldfarb Consultants of Toronto indicates that although every Canadian wants to retire in comfort, most are not going to make it. The poll found that 55% of Canadians with an RRSP have less than $50,000 invested in it. The poll also discovered that while nearly six in 10 Canadians have an RRSP, 41% of investors don't know what their contribution limit is. Among those investors who do know their limit, only 34% are making the maximum contribution to their RRSP. The study was commissioned by Scotiabank of Toronto. Scotiabank has formed the High 5 plan which includes 5 steps to double the value of RRSP portfolios. The five steps include: mapping out a long-term plan, diversifying to reduce risk, maximizing RRSP contributions, contributing monthly to RRSPs and investing the maximum allowable book value of an RRSP in investments outside of Canada.