IG Wealth Management RRSP Contribution Deadline Study: Canadians Continue to Make Saving for Retirement a Priority Despite Impact of Pandemic
One-third of Canadians plan to make a contribution to their RRSP before March 1 deadline
WINNIPEG, MB – February 26, 2021 – A new study by Pollara Strategic Insights for IG Wealth Management has found that one-third of Canadians either already have or will be contributing to their Registered Retirement Savings Plans (RRSPs) before the March 1 deadline, despite the disruption caused by COVID-19.
Further, those who have or are planning to contribute reported that the pandemic has had little impact on their ability to save for their retirement via their RRSPs, compared to last year. In fact:
· just nine per cent say they are contributing less this year;
· 13 per cent plan on contributing more;
· 20 per cent reported that they will be contributing the same amount as last year; and
· the average amount adult Canadians plan to put into their RRSPs for the 2020 tax year is $4,000.
“It’s encouraging to see that Canadians are continuing to prioritize retirement planning during this challenging period,” said Damon Murchison, President & CEO, IG Wealth Management. “RRSP contributions can play a key role when saving for retirement. But, to truly achieve your ideal retirement lifestyle, you need to also consider all potential sources of retirement income, including both registered and non-registered investments and public and private pension plans and take into consideration other financial dimensions, such as insurance, tax strategies, estate planning and budgeting.”
Mr. Murchison also noted that working with a professional can help Canadians build a holistic financial plan that captures these areas.
“Our IG advisors work with clients to help identify all potential sources of income in retirement, and to forecast their monthly retirement income,” Mr. Murchison explained. “Through our unique approach to financial planning they can also build what-if scenarios and adjust financial plans quickly to help ensure clients are well positioned to achieve their retirement goals even as their personal circumstances change.”
About IG Wealth Management
Founded in 1926, IG Wealth Management is a national leader in delivering personalized financial solutions to Canadians through a network of Consultants located across Canada. In addition to an exclusive family of mutual funds and other investment vehicles, IG offers a wide range of other financial services. IG Wealth Management has nearly $103 billion in assets under management as of January 31, 2021 and is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's leading diversified wealth and asset management companies with approximately $239 billion in total assets under management as of January 31, 2021.
About the Pollara Study
This study was conducted with an online sample of 1,508 adult Canadians and was conducted between January 29 and February 1, 2021. Results from a probability sample of this size could be considered accurate to within ±2.5 percentage points, 19 times out of 20. Results have been weighted on the basis of age, gender and region, using the latest StatsCan data, to be representative of the Canadian population as a whole.