Skip to main content

No money, broke, can’t afford to invest.

Thinkstock/Photos.com

A majority of respondents to a new poll about retirement savings feel they haven't invested enough but say they just don't have the extra money to put away.

The annual survey Bank of Nova Scotia found that 64 per cent of those polled cited affordability as an obstacle for them to invest in their RRSPs by the March 1 contribution deadline.

That figure is up this year from 59 per cent in 2011 and 53 per cent in 2010.

Story continues below advertisement

The poll also found that 81 per cent say they haven't invested enough, compared with 76 per cent in 2011 and 71 per cent a year earlier.

Only 17 per cent of those polled say they don't have any investments at all, compared to 21 per cent last year.

Mike Henry, Scotiabank's senior vice-president and head of retail payments, deposits and lending, urges people who are serious about investing to come up with a financial plan.

"Within the framework of a good financial plan, even small contributions can have a big impact over time and get people to the place they want to be financially," he said in a release.

The survey also found that 39 per cent say they wish they had invested at an earlier age, with 23 per cent agreeing that in retrospect, they would've spent less and contributed more to their investments.

Of those who do have retirement investments, 51 per cent started setting aside money before they turned 30 years old.

The poll also found that savings accounts or mutual funds (64 per cent) were still the most popular vehicle for putting away money, followed by RRSPs (56 per cent) and tax-free savings accounts (44 per cent).

Story continues below advertisement

The poll was conducted online using a Harris/Decima propriety panel that surveyed 1,003 people from a random sample of adults aged 18 and over from across Canada.

The survey was conducted from Nov. 28 to Dec. 13, 2012.

Report an error
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter
To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies