B.C. residents led the country in the average amount contributed to RRSPs this year at $6,700, according to a BMO Financial Group study released Monday.
This was $2,000 more than the national average contribution amount.
In its third annual Post-RRSP Deadline Study, BMO found that one-third of British Columbians contributed or planned to contribute to their RRSPs before the February 29 deadline.
Fifty-one per cent of those who contributed to their RRSPs this year invested in mutual funds for their RRSPs, followed by equities (29%), GICs (21%), bonds (10%) and ETFs (4%).
The study also found that only 55% of B.C. residents cited a lack of funds as the reason they did not make a contribution, compared with last year at 72%.
