B.C. Residents Saving Slightly Less For Retirement

Posted: Updated:
A CIBC poll suggest that British Columbians are making fewer contributions to their retirement plans than in previous years. (Getty)
A CIBC poll suggest that British Columbians are making fewer contributions to their retirement plans than in previous years. (Getty)

A CIBC poll suggests that B.C. residents have slipped out of the leadership ranks over the past year in terms of saving for retirement.

The bank’s latest poll on retirement savings shows the number of B.C. residents planning to make a contribution this year has dipped to 60 per cent, down three per cent compared to 2012.

The shift pushes the province to fifth place from second, overall.

A 65-per-cent savings rate is anticipated across the Prairies, and the rate is 63 per cent in Ontario.

The CIBC poll also notes that while most people say they will make a retirement contribution, few follow through on that pledge, with the most common reason being a lack of available cash.

Also on HuffPost:

Cheapest Places To Retire
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

RRSPs: Canadians struggling with retirement goals

Canadians need more retirement savings: BMO