BMO Financial Group (BMO, BMO.TO) released the findings of its Fourth Annual Post-RRSP Deadline Study, conducted in the last week of February. The study discovered that 63 percent of Canadians have already made or planned to make a contribution to their Registered Retirement Savings Plan or RRSP before today's deadline. According to the company, this is an year-over-year increase, when only 38 per cent contributed or expected to contribute to their RRSP before the deadline.
Also, the BMO study found that Canadians contributed an average of $3,544 to their RRSPs this year, down from an average of $4,670 last year. So while more Canadians contributed, the average amount contributed was lower.
Pertaining to Psychology of Saving for Retirement, sense of responsibility was top motivator for making an RRSP contribution this year, while many of those expecting a tax refund plan to save or invest the money or put it towards bills.
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