Maybe all the talk of individuals being more responsible for their own retirement saving and planning is taking hold.
A new report from BMO Bank of Montreal on the state of RRSPs in this country shows a marked increase in the amount of money the average person has in this tax-sheltered, retirement savings vehicle. In just two years, the average holding rose by more than 20 per cent from $80,000 to $101,000.
And the survey showed that almost two-thirds of Canadians have made their contribution prior to the end of RSP season, which is generally around the end of February.
For boomers, the increase was even more significant – it was up more than 30 per cent to almost $180,000.
Pension plans in the workplace have been changing, largely shifting from defined benefit to defined contribution and the overall number has been receding. All of this means the average working person is bearing more of the responsibility for setting money aside to fund their retirement. And it appears that is exactly what is happening.