The Big Story
How to find the money to make an RRSP contribution
Feb 23, 2025
Julie Petrera, a senior strategist at Edward Jones, shares vital insights on retirement savings and RRSP contributions. She discusses the importance of early investment and how psychological barriers can hinder savings. Julie highlights concerning trends among different demographics, particularly the decline in contributions from younger Canadians and gender disparities in retirement planning. She also explores alternative savings strategies, comparing RRSPs and TFSAs, emphasizing the need for professional guidance to enhance financial planning before the looming contribution deadline.
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Quick takeaways
- The decline in RRSP contributions among Canadians underscores the significant financial strain experienced by many, affecting long-term retirement planning.
- A shift in mindset towards recognizing the value of smaller contributions can greatly improve retirement savings and financial security over time.
Deep dives
Declining RRSP Contributions
Only 39% of Canadians plan to contribute to their RRSP this year, down 10 points from last year, highlighting the financial strain many face. The survey by Edward Jones indicates that a mere 15% of Canadians intend to contribute the maximum allowable amount, showcasing a trend of decreased retirement savings. With inflation and rising costs impacting household budgets, many individuals are prioritizing immediate financial obligations over long-term retirement planning. This lack of contributions raises concerns about future financial security and the missed opportunities for compound growth on investments.
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