More than Half of Canadians Fear Retirement Savings Isn't Enough

February 4, 2010 ( – Ninety-one percent of Canadians participating in the Toronto-Dominion Bank TD Retirement Savings Poll said they have fears about retirement.

More than half (52%) of working Canadians who were surveyed reported they are scared that they have not saved enough money for a comfortable retirement, according to a press release. More than one-third (36%) said they can’t wait to stop working and enjoy life; however, 30% said even thinking about saving for retirement makes their hearts pound because they haven’t saved enough.

Although, 64% of Canadians surveyed indicated they contribute to an RSP (Retirement Savings Plan), 20% indicated they are counting on the Canada Pension Plan, a lottery win, or an inheritance, instead. Of those Canadians who contribute to an RSP, 53% contribute through a fixed monthly deposit, 29% make one lump-sum payment a year, and 18% use a combination of the two, the survey found.

Forty-one percent of Canadians between 18 and 34 reported they do not currently contribute to an RSP.

To encourage Canadians to start saving early, Toronto-Dominion Bank created My First RSP, an interactive Web page at, according to the press release.

The TD Retirement Savings Poll, conducted by Angus Reid Public Opinion, surveyed 1,002 working Canadians under the age of 65 January 11-13, 2010.