One-third of Canadians report having dipped into their RSPs
TORONTO, Nov. 19, 2012 /CNW/ - A recent Scotiabank poll found that more Canadians are willing to take money from their RSP to pay off other expenses than in past years. However, the top reason cited for withdrawing the money from an RSP was to buy a first home (40 per cent). That said, taking money out of RSPs has been on the rise, with one-third of RSP holders (36 per cent) reporting taking money out of their RSP this year, up from 23 per cent back in 2005. Additional findings on Canadian habits pertaining to their RSPs include:
"Investing in a home and investing in retirement are both important parts of life and finding a way to balance both is key," said Bev Moir, ScotiaMcLeod Wealth Advisor. "If Canadians are going to take money out of their RSP for a major purchase like a house, they need to have a plan in place to return that money as soon as they can so they don't limit their options in the future. A financial advisor can work with you to map out the best strategy to achieve your goals, particularly if you're dipping into your RSP for day-to-day expenses. And with November being Financial Literacy Month, now is a great opportunity to also speak with your advisor about the information and resources available to take a fresh look at your financial plan."
For more information and tips about Scotiabank's RSP offers and advice for successful RSP strategies, please visit a financial advisor near you or www.scotiabank.com.
About the polling data
The Scotiabank Mega Poll was conducted through Harris/Decima's telephone
omnibus, teleVox from June 18 through 28, 2012. A total of 2,013
surveys were conducted nationally with Canadian respondents 18 plus
years of age.
About Scotiabank
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. With assets of $670 billion (as at July 31, 2012),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS).
For more information please visit www.scotiabank.com.
Did you know? November is Financial Literacy Month, to learn about Scotiabank's Financial Literacy Strategy please read the related press release on the Scotiabank Newsroom at www.scotiabank.com.
BACKGROUNDER: Canadian Mindset on RSPs
SOURCE: Scotiabank
Diana Hart
P: 416-866-7238
E: diana.hart@scotiabank.com