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Royal Bank of Canada says the number of Canadians aged 18 to 34 who have RRSPs has dropped to 39 per cent - the lowest level in almost a decade.

The bank's annual survey also reveals that fully 45 per cent of people in the age group have not yet started saving for retirement.

The poll suggests retirement savings ranks seventh as a financial priority among younger Canadians, at 26 per cent.

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The bank says 56 per cent are more focused on regular payments to reduce or eliminate debt, 45 per cent save for a rainy day and 44 per cent prefer home ownership.

RBC says the overall number of Canadian adults who have RRSPs jumped to 61 per cent last year, up from 54 per cent in 2009.

In addition, a quarter of Canadians with RRSPs (24 per cent) plan to maximize their contribution for 2010 and 35 per cent of all Canadians make regular weekly or bi-weekly contributions to their RRSPs.

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