British Columbians are the least likely in the country to make contributions to a retirement savings plan (RSP) this year, according to the results of a Scotiabank poll released January 7.
With the March 3 RSP contribution deadline looming, the survey found that 20% of B.C. respondents plan to contribute – a full 35% or 11 percentage points below the national average of 31%. This is down from both 2012 and 2011, when the survey found that 39% of Canadians planned to contribute.
The main reason B.C. survey subjects cited for not contributing this year was the same as for those across Canada: 75% said it was due to a lack of extra money (74% nationally).
The results also showed that of those who have RSPs, British Columbians are the most likely to have withdrawn funds from their plans this year. The survey said that 42% of British Columbians took out money this year, compared with 40% of Canadians.
Of those who did take out funds, B.C. respondents were also the most likely to have taken money out to use for day-to-day living expenses. The poll showed that 12% did so in the last year. This is 50% higher than the national average of 8%.
