Canadians feel confused about retirement saving — but most are still contributing to their RRSPs

Many also worry they aren’t contributing enough (36%) or aren’t making the most of available tax advantages (37%). Yet 41% still plan to contribute to their RRSP this year, roughly in line with last year’s intentions.

“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,” said Julie Petrera, director of financial planning at Edward Jones Canada, in a statement. “The good news is that discomfort often signals readiness to seek help and learn."

Confusion runs deeper than the deadline

While two-thirds (66%) say they understand the annual RRSP contribution deadline — March 2, 2026 for the 2025 tax year — clarity seems to drop off beyond that.

For example, the Edward Jones survey shows that just over half of Canadians understand the value of RRSP tax deductions (56%), the tax implications of withdrawals (55%) or what happens when an RRSP matures (53%). The knowledge gap is most pronounced among younger adults. Among those aged 18 to 34, 84% report negative emotions about RRSPs, and only 36% feel confident about how the account works at maturity.

Financial pressure is also mounting, with 42% reporting insufficient income, high living costs or debt repayment as the biggest barriers to saving for retirement, up from 39% last year. Still, 15% say they plan to contribute the maximum this year, and only 9% say they cannot afford to contribute at all.

The survey suggests that older Canadians appear to be more at ease. Nearly half (45%) of those aged 55+ say they face no barriers and feel on track for retirement, compared with just 9% of those aged 18 to 34. Access to advice may be one reason for the difference here: 48% of Canadians aged 55+ report having a dedicated financial advisor, versus 24% of those aged 35–54, and just 13% of younger adults.

"It's important to remember that an RRSP is an account, not a complete retirement plan," said Petrera, noting that retirement planning is deeply personal and benefits from professional, tailored advice.

Canadians plan to retire at 61 — but few feel confident

Separate research from CIBC paints a similar picture of steady effort paired with lingering and persistent doubt.

According to CIBC’s new poll, Canadians start saving for retirement at age 30 on average and aim to retire at 61. Gen Z respondents plan to retire slightly earlier at 59, while Millennials and Gen X also target 61. Despite that early start, only 41% say they’re confident they’ll have enough saved to maintain their desired lifestyle.

Most Canadians say they’ve stayed the course with their long-term investment strategy, according to CIBC’s survey, and 68% report owning an investment portfolio. Nearly half direct more funds to a Tax-Free Savings Account (TFSA), compared with 32% prioritizing RRSPs, often citing withdrawal flexibility as a key benefit.

Taken together, the surveys suggest that while Canadians understand the importance of saving, many remain uncertain about how to improve their approach. With the RRSP deadline approaching, the challenge for some is not about motivation, but a lack of overall clarity.