Welcome!

Agile Computing Authors: Elizabeth White, William Schmarzo, Sematext Blog, Liz McMillan, Gregor Petri

News Feed Item

REPEAT-BMO's Annual RRSP Study: Increasing Number of Canadians Buying Into RRSPs

- Two-thirds of Canadians say they have an RRSP, up six per cent from 2011

TORONTO, ONTARIO -- (Marketwire) -- 12/08/12 -- BMO Financial Group today announced the results of its third annual national Registered Retirement Savings Plan (RRSP) study, which shows an increasing number of Canadians are taking the important step of investing in RRSPs to help support themselves in their retirement. However, the study also found that most Canadians are not maxing out their annual contribution.

According to the study:


--  Sixty-seven per cent of Canadians have an RRSP, up six per cent from
    2011. 
--  Of those who do not have an RRSP, half (49 per cent) say they intend to
    open one within the next five years. 
--  Almost three-quarters (72 per cent) of Canadians expect to contribute
    the same amount or more to their RRSP than they did last year. 
--  The majority of Canadians with an RRSP (74 per cent) has already made or
    plans to make a contribution towards an RRSP before the 2012 deadline;
    last year at the same time, 69 per cent of Canadians planned to make or
    had made a contribution. 
--  Last year's average contribution amount was $4,670.

However, the study also found that many Canadians are worried about the health of their RRSPs given the volatility that has characterized financial markets over the last two years; 68 per cent report that they are concerned about the performance of their retirement savings.

"It's encouraging that a growing number of Canadians understand the important role an RRSP can play in preparing for retirement," said Marlena Pospiech, Senior Manager, BMO Wealth Planning Group, BMO Financial Group. "But it's sobering that so many are worried about the performance of their investments within their RRSP. During times of market volatility, it's critical that Canadians have a financial plan that includes a retirement component and that they review their investments regularly and seek out the assistance of a financial professional if needed."

Ms. Pospiech added that it is also important that people choose investments that match their current age, life stage and risk tolerance. For example, BMO SelectClass® Portfolios(i) come in four portfolios options designed to align with different risk profiles, so whether an investor is conservative, bold or somewhere in between, there is a portfolio tailored to them. This type of portfolio design can give investors confidence that they are on track to achieving their long-term goals- such as being financially prepared for retirement.

Are Canadians Maxing Out Their RRSPs?

The study also examined Canadians' awareness around RRSP contribution limits; the results showed that only one-third are aware of their annual contribution limit while more than 60 per cent either rarely or never contribute the maximum amount to which they are entitled. Only 13 per cent report that they hit the maximum each and every year. As of 2011, the total unused RRSP contribution amount stood at about $500 billion; the figure is estimated to exceed $1 trillion by 2018.

Regional Breakdown- BMO's Third Annual RRSP Study


----------------------------------------------------------------------------
                                   Total   ATL    QC    ON MB/SK    AB    BC
----------------------------------------------------------------------------
Percentage who have an RRSP                                                 
----------------------------------------------------------------------------
2012                                  67    64    73    65    65    69    65
----------------------------------------------------------------------------
2011                                  61    48    61    63    70    66    51
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Percentage who are planning on                                              
 making a contribution to their                                             
 RRSP                                                                       
----------------------------------------------------------------------------
2012                                  74    79    66    80    61    78    67
----------------------------------------------------------------------------
2011                                  68    63    64    73    71    68    68
----------------------------------------------------------------------------

For more information on saving for retirement, please visit www.bmo.com/retirement.

Get the latest BMO press releases via Twitter by following @BMOmedia.

The survey results cited in this release are from online interviews with a random sample of 1,000 Canadians 18 years of age and older, conducted between November 23rd and November 27th, 2012. A probability sample of this size would yield results accurate to +/- 3.1 per cent, 19 times out of 20.

(i)BMO SelectClass Portfolios are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, explained how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In today's uber-connected, consumer-centric, cloud-enabled, insights-driven, multi-device, global world, the focus of solutions has shifted from the product that is sold to the person who is buying the product or service. Enterprises have rebranded their business around the consumers of their products. The buyer is the person and the focus is not on the offering. The person is connected through multiple devices, wearables, at home, on the road, and in multiple locations, sometimes simultaneously...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...