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By The Canadian Press
TORONTO - Fewer Canadians are putting
money into retirement plans, according to the Royal Bank's
annual RRSP poll.
It says 32 per cent of Canadians have
not started saving for retirement yet, compared to 24 per
cent in 2008. The study also found only 36 per cent say they
are planning or have planned for retirement, down from 42
per cent in 2008.
The decline is sharpest among those
aged 55 and over, with 53 per cent doing any retirement
planning compared to 67 per cent last year.
RBC also says just 35 per cent of
Canadians have contributed to or plan to contribute to an
RRSP for the 2009 tax year - the lowest percentage of
contributors since 1996.
And, among those with an RRSP who are
not contributing this year or who are reducing their
contribution, 54 per cent say it is because of current
economic conditions.
The RBC poll of 1,457 people was
conducted between Oct. 21 and Nov. 2, 2009. The margin of
error is plus or minus 2.56 percentage points 19 times out
of 20.
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