MONTREAL - Fewer Canadians are planning to put money into their Registered Retirement Saving Plan this year, mostly because they can't afford it.
Surveys by Scotiabank (TSX:BNS) and the Bank of Montreal (TSX:BMO) say Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.
Scotiabank found that 31 per cent of respondents planned to contribute to their RRSP, down from 39 per cent last year.
BMO said 43 per cent of those it surveyed planned to contribute by the March 3 deadline, down from 50 per cent in 2013.
Meanwhile, three-quarters of those who have RRSPs told Scotiabank they've thought about contributing more money to their plans, but just don't have the cash.
BMO says a contribution of $2,000 to an RRSP would mean putting aside $167 a month or less than $6 a day.