New numbers from Statistics Canada show that about three-quarters of taxpayers are also saving for retirement.

Only about half save in any given year, however, and women are notably more apt to save for retirement than men.

Between 1993 and 1999, 72% of taxfilers aged 25 to 64, saved for retirement in at least one of those years, either by contributing to a registered retirement savings plan or to an employer-sponsored registered pension plan. StatsCan obtained the information from income tax files.

About 75% of those who saved were regular savers, that is, they contributed to at least one plan in four or more years from 1993 to 1999. The remaining 25% saved irregularly, that is, they contributed in three years or fewer. These proportions were virtually identical to the results of a similar analysis released two years ago showing savings patterns from 1991 to 1997.

Of the 28% that did not use either RRSPs or RPPs, 83% of them had incomes of less than $20,000, and about 60% were women. As a result, they may have to rely on public pension plans as their major source of income in retirement.

The Atlantic provinces had the lowest proportion of savers — 55% to 63%. The highest proportions were in the Northwest Territories, British Columbia, Alberta, Saskatchewan and Ontario, where about 75% of taxfilers managed to save for retirement. Higher unemployment and lower incomes in Atlantic Canada are factors that may explain lower participation rates in retirement saving programs.

Although almost 72% of taxfilers saved through RRSPs or RPPs from 1993 to 1999, the proportion saving in any single year is much lower. In 1999, 51% saved through one of these programs. This proportion was virtually the same in 1997.

Income remains the most important factor in saving for retirement. In 1999, about 63% of those with total incomes of $20,000 to $39,999 saved. This proportion climbed to 92% for those with total incomes over $60,000.

Only 4% made RRSP contributions of $10,000 or more in 1999, more than two-thirds of them had total incomes of $60,000 or more. The likelihood of belonging to an RPP also increases with income, but only up to a certain level. The highest proportion of RPP members was in the $40,000-to-$79,999 income range.

In 1999, 56% of men and 46% of women saved through an RRSP or an RPP. StatsCan says, in most income groups, women were more likely to save through an RRSP or an RPP. “The higher participation rate overall for men is largely attributable to income differences between men and women. There was a higher proportion of men with larger incomes, and participation in RRSPs increases with income.”

In 1999, 59% did not use any of their RRSP room. About 54% of the people who did not use any room declared incomes of less than $20,000. However, only 10% of those with room maximized their RRSP contributions, down slightly from 11% in 1997. Forty-five percent of those with an income of $80,000 or more used all their available contribution room. In all income groups, when women participated, they made more use of their RRSP room than men.

Also, in 1999, 1.1 million individuals withdrew $5.8 billion from their RRSP savings, an average of $5,245 each. (Amounts removed from RRSPs through the Home Buyers Plan and the Life Long Learning Plan are not considered withdrawals.) Only 23% of taxfilers who withdrew money from their RRSPs in 1999 were aged 55 to 64. About 53% of those who cashed in their RRSPs were under 45.