The results of BMO Bank of Montreal’s annual February survey asking Canadians to assess their confidence that they will have enough money saved to retire are out.
Those results are an example of how every now and then, we get a couple pieces of information that seem to contradict themselves. Yet they are drawn from pooling information on a common group of people.
When they put that question to Saskatchewan folks, it turns out, we are the least confident that we can properly fund our retirement with roughly 61 per cent of the population saying that. That is higher than last year, yet it comes at a time when savings have never been higher.
The average Canadian now says it will take $1.6 million in savings to retire. That’s up by 12 per cent over a year ago.
In Saskatchewan, 58 per cent of us plan to make an RRSP contribution before the end of the month.
That’s among the highest in Canada, so even if we feel like we’re behind, we’re doing something about it to fix it.
