CANADA - Canadians view saving for retirement as their top financial priority, according a Royal Bank of Canada (RBC) survey.
When asked to identify their biggest financial concern at present, 38% of respondents cited saving for retirement ahead of making regular payments to reduce debt (28%) and trying to keep their ahead above water (27%).
It was the first time since 1999 that retirement savings topped the list, said Dave Richardson, VP of Royal Bank of Canada Asset Management.
As the population ages, perhaps it is no surprise that Canadians are placing more focus on saving and planning for their future life-phases.”
Economic conditions were currently working in favour of those near retirement, and the benefits of lower interest rates and greater borrowing flexibility were translating into an increased capacity to concentrate on retirement savings, he added.
The average current market value of Registered Retirement Savings Plans (RRSPs) is down slightly from last year to $61 656, but up substantially from 2001 when the average value sat at $50 662, said Richardson.
“Our poll suggests that Canadians may now be adjusting their approach and are taking advantage of favourable economic conditions to diversify and recommit to RRSP savings.
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