Friday, December 19th2.1°C
24124
23664

The stress of RRSPs

Canadians who are stressed about the annual RRSP deadline are not alone according to a new study that found 60 per cent of respondents feel anxious about coming up with the money for their retirement savings.

And almost half of respondents to the survey, 49 per cent, who make an annual RRSP contribution do so in a lump sum, said the Bank of Montreal study released Wednesday.

The uneasiness around the March 1 deadline is understandable when Canadians have to deal with other financial priorities, said Marlena Pospiech, senior manager BMO Wealth Planning Group.

"If they haven't saved regularly it could be really hard, especially coming out of the holiday season and if they have racked up a lot of debt over that time," Pospiech said in an interview from Toronto.

Household debt is a problem and Canadians have been borrowing like never before with help from low interest rates. Statistics Canada recently said the household debt to income ratio is at a record high of 164.6 per cent.

BMO said contributing even a small amount, a few hundred dollars, to an RRSP is better than nothing at all.

"If they don't have the full amount, that should not stop them from making a contribution," Pospiech said.

The Canadian Press


Read more Business News

24200


Recent Trending




Today's Market
S&P TSX14468.26+121.51
S&P CDNX676.54+11.04
DJIA17804.8026.65
Nasdaq4765.38+16.983
S&P 5002070.65+9.42
CDN Dollar0.8618+0.0001
Gold1197.20+2.50
Oil56.50+2.39
Lumber338.60+1.70
Natural Gas3.446-0.196

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.25-0.03
Cantex0.03-0.005
Anavex Life Sciences0.1726+0.0026
Metalex Ventures0.05-0.005
Russel Metals25.58-0.42
Copper Mountain Mining1.55-0.02
Colorado Resources0.120.00
ReliaBrand Inc0.011-0.0089
Sunrise Resources Ltd0.05-0.005
Mission Ready Services0.215-0.01

 
23744


23104

FEATURED Property
2106948260 Grandview Bench Road
10085866 bedrooms
$560,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


My final thoughts on real estate

This will be the last column I write on real estate. Largely because at the end of the year I will be handing in my license. After 20+ years of working in land development, resort development and rea...


Reflecting on the end of the year

The importance of the end of the year and the Christmas holidays is profound. It is a time to reconnect with family and traditions that have made us who we are. But the year-end has always been a time...


Parenthood: Estates, insurance & taxes

It is now even more important to ensure your loved ones are well looked if anything should happen to you. Here are a few topics to consider helping you prepare for some of the unexpected events that c...

_








Member of BC Press Council


23546