Tuesday, January 10, 2006

Canadians Biggest Financial Concern is Retirement Savings

According to a recent survey by RBC, 38% of Canadians identify saving for retirement as their biggest priority while, 28% are concerned about making regular debt payments, 27% are concerned with simply trying to keep their head above water and 25% focused on saving for a rainy day.

These numbers paint an interesting picture but a couple of others in the survey put this into perspective. Of those surveyed, 44% are debt free while 46% who own an RRSP say retirement savings is a top priority.

While the survey states that 65% of Canadians have an RRSP, I would question the validity of this number as 55% of respondents are concerned with simply paying the bills. If this number is indeed accurate, it indicates that there are a number of people setting money away for a rainy day when it is raining right now, and this money could be put to better use paying off consumer debt today.
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