Two-fifths of Canadians are confused about RRSPs, with 37% unsure whether they’re maximizing their RRSP opportunities and 36% worried they aren’t contributing enough, according to a Pollara survey commissioned by Edward Jones.
Not all Canadians understand how an RRSP works, the survey of more than 1,500 Canadians found. About half of respondents (56%) said they understood the value of tax deductions and 55% understood the tax implications of withdrawals.
“What we’re seeing is a generation that knows they need to save for retirement but lacks the confidence that they’re doing it right,” Julie Petrera, director of financial planning at Edward Jones Canada, said in a release.
Financial pressures, like insufficient income, high cost of living and debt repayment, were a barrier to saving for retirement for 42% of those surveyed, up from 39% last year.
Still, 41% said they planned to contribute to their RRSP this year, 15% said they’ll contribute the maximum amount possible and 9% said they couldn’t afford to set money aside. These numbers are little changed from 2025.
Unsurprisingly, Canadians aged 18–34 were found to be the least knowledgeable about RRSPs, with only 36% of respondents in this age group saying they know what happens when an RRSP matures, compared to 69% of respondents aged 55 and over.
Those aged 18–34 were also found to be the least likely to say their path to retirement faces no barriers (9%), compared to 45% of those aged 55 and over. This correlates with the fact that Canadians aged 55 and over were more likely to have a financial advisor (48%) compared to those aged 18–34 (13%).
The Pollara online survey was conducted from Jan. 26–28, with 1,533 Canadian adults. Results were weighted using Statistics Canada data.