The majority of British Columbians will head into 2012 believing they can achieve their retirement goals, despite being worried about the current performance of their RRSPs in a volatile investment climate, a new BMO Financial Group study finds.
Nearly 60% of B.C. residents surveyed by Leger Marketing on behalf of BMO said they believe they are on the right track to retire comfortably.
However, the study also found 72% are worried about the their RRSPs’ performance. British Columbians are also more likely than other Canadians tocut back on their RRSP contributions this year compared with last year.
"It's good to see that most British Columbians feel confident about saving for retirement, but it's not surprising that they are feeling a little uneasy about their RRSPs given the past year's turmoil," said Mark Breakspear, BMO’s regional sales manager, Vancouver.
"Investing in times of market volatility can be a challenge. However, a financial professional can help you set yourself up for success by working with you to create a well-diversified portfolio that will help insulate your investments against market fluctuations and help set you up for retirement success."
Other findings in the study include:
- only 51% of British Columbians have RRSPs;
- 38% of British Columbians have made or are planning on making a contribution to an RRSP before the February 29 deadline; and
- of that number, 68% plan to contribute as much or more to their RRSP this tax year as they did last year.
Nelson Bennett
@nbennett_biv