Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
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Money would be buffer for any fresh financial problems
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Aggressive Acquisition Strategy Hits Scotiabank’s Stock Price as Investor Skepticism Mounts Sep 13th
The Globe and Mail, Tim Kiladze, 12 September 2018
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‘Tis the Season to Spring Clean Your Wallet + MORE Apr 25th
The official start of the season may have been last month, but now we can confidently say that spring is finally in full swing. So as we start fresh and give into the annual “spring cleaning” tradition, why not give financial spring cleaning a try? Check out these tips to find areas in your l.... More »
RRSPs not undesirable, just unaffordable for most, polls find
– moneysense.ca
MONTREAL – Fewer Canadians are planning to put money into a Registered Retirement Saving Plan this year simply because they can’t afford it, say surveys by two big banks.
Both Scotiabank (TSX:BNS) and Bank of Montreal (TSX:BMO) say many Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.
Scotiabank found that 31 per cent planned to contribute to their RRSP, down from 39 per cent last year. BMO said 43 per cent of those surveyed planned to contribute, down from 50 per cent in 2013.
“The top answer was that they did not have enough money to make a contribution,” said BMO’s Chris Buttigieg, senior manager of wealth planning strategy.
Mike Henry, a Scotiabank senior vice-president, agreed, saying those surveyed by his bank said “they can’t afford it, they’ve got other expenses or other things they’re trying to manage.”
Overall, three-quarters of those who have RRSPs told Scotiabank they’ve thought about contributing more money to their plans, but they just don’t have the cash…
Both Scotiabank (TSX:BNS) and Bank of Montreal (TSX:BMO) say many Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.
Scotiabank found that 31 per cent planned to contribute to their RRSP, down from 39 per cent last year. BMO said 43 per cent of those surveyed planned to contribute, down from 50 per cent in 2013.
“The top answer was that they did not have enough money to make a contribution,” said BMO’s Chris Buttigieg, senior manager of wealth planning strategy.
Mike Henry, a Scotiabank senior vice-president, agreed, saying those surveyed by his bank said “they can’t afford it, they’ve got other expenses or other things they’re trying to manage.”
Overall, three-quarters of those who have RRSPs told Scotiabank they’ve thought about contributing more money to their plans, but they just don’t have the cash…
