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Fewer British Columbians planning to make RRSP contribution

VANCOUVER (NEWS1130) – When it comes to saving for retirement, BC residents have skidded out of the leadership ranks — and we’ve taken just a year to do it.

The latest CIBC poll on retirement savings shows the number of BC residents planning to make a contribution this year has dipped to 60 per cent, down three per cent compared to 2012, and pushing us to fifth place from second, overall.

That puts the province well behind the 65 per cent savings rate anticipated across the Prairies, or the 63 per cent rate in Ontario.

The CIBC poll also notes that while most people say they will make a retirement contribution, few follow through on that pledge, with the most common reason being a lack of available cash.