Personal Savings getting you down? There are always smart ways to increase your savings.
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(EpicStockMedia/Shutterstock)
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Two-Thirds of Canadians Saving for Retirement: Census 2016
– ratesupermarket.ca
According to census data recently released by Statistics Canada, almost two-thirds (65.2 per cent) of Canadian households are reportedly saving for retirement.
Of the 14 million households that made a contribution, 30.1 per cent used a registered pension plan, 35 per cent used a registered retirement savings plan (RRSP), and 40.4 per cent contributed to a tax-free savings account (TFSA). The contributions were made in 2015, which is the most recent year when data was available, as this is the first time the census sought out to measure retirement savings amongst Canadians.
Canadian households saving for retirement
Age of principal earner
RRSP
RPP
TFSA
All 3
Total
15-24
14.3%
15.1%
33.5%
3.1
45
25-34
37.3
34.8
42.0
10.7
67.9
35-44
45.0
41.4
35.9
11.4
72.2
45-54
47.6
43.0
38.8
13.3
74.2
55-70
36.5
27.3
42.7
9.6
65.4
71 or over
4.0
1.6
43.7
9.4
45.6
Canada
35.0
30.1
40.4
9.3
65.2
How you save could depend on your age
Census data also showed the preferred savings vehicles by age…
