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

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 http://www.myfirstrsp.com, 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.