One Third of 40-Something Canadians Have Yet to Open an RRSP

January 26, 2012 ( - One third of Canadians in their 40s (32%) admit they haven't yet opened a registered retirement savings plan (RRSP) even though they realize they should.

According to the TD Retirement Savings Poll, less than half of Canadians in their 40s (46%) contribute annually to an RRSP, and only 12% say they make the maximum contribution every year. As a result, 38% are concerned they aren’t saving enough for retirement.

The poll found women in their 40s are more likely to say they have not opened an RRSP (36%) versus men in their 40s (29%).

TD Bank Group commissioned Environics Research Group to conduct a custom, online survey of 1,006 Canadians ages 25-64 who are not retired. Results were collected between November 22 and December 2, 2011.