Edward Jones Canada says younger investors boost RRSP contributions but lag in literacy and access to advice
Canadians know they need RRSPs – they just don’t feel confident they’re using them properly.
New data from Edward Jones Canada shows 70 percent of Canadians report negative feelings about RRSP contributions, with confusion leading the pack at 40 percent.
Many others feel unsure they’re maximizing RRSP opportunities (37 percent) or worry they’re not contributing enough to secure their retirement (36 percent).
Those emotions track closely with gaps in RRSP literacy.
Just over half (56 percent) say they understand the value of tax deductions.
Only 55 percent say they grasp the tax implications of withdrawals, and barely 53 percent feel confident about what happens when an RRSP matures.
Confidence improves around the annual contribution deadline, where two‑thirds (66 percent) say they understand it, but clarity drops sharply beyond that.
Julie Petrera, director of financial planning at Edward Jones Canada, said “we're seeing a generation that knows they need to save for retirement but lacks the confidence that they're doing it right.” She added that “discomfort often signals readiness to seek help and learn.”
Financial pressure remains the biggest obstacle to RRSP saving.
More than two‑fifths (42 percent) cite insufficient income, high cost of living and debt repayment as the main barriers to retirement saving, up from 39 percent last year.
Even so, contribution plans are holding up: 41 percent of Canadians plan to contribute to an RRSP this year, in line with last year’s 39 percent.
Fifteen percent intend to contribute the maximum amount, while 9 percent say they cannot afford to contribute, a slight improvement from 10 percent in 2025.
Generational splits are stark.
Younger adults report the highest levels of negative emotions about RRSPs: 84 percent of those aged 18–34, compared with 75 percent of those 35–54 and 54 percent of those 55+. Literacy follows a similar pattern.
Only 36 percent of adults aged 18–34 feel confident about what happens when an RRSP matures, versus 50 percent of those 35–49 and 69 percent of those 55+.
Younger adults are, however, signalling renewed intent to save.
Among those aged 18–34, 48 percent plan to contribute this year, up from 41 percent last year and edging closer to the 58 percent reported in 2024.
For those aged 35–54, RRSP contribution plans remain relatively stable (59 percent in 2026 versus 60 percent in 2025).
Preparedness tells a different story.
Across all ages, nearly a quarter of Canadians (24 percent) say they face no barriers and feel on track for retirement.
Only 9 percent of those aged 18–34 and 15 percent of those 35–54 report feeling barrier‑free and on track, compared with 45 percent of Canadians aged 55+, a notable jump among those closest to retirement.
That higher sense of readiness aligns with access to advice: nearly half (48 percent) of Canadians aged 55+ have a dedicated financial advisor, compared with 24 percent of those 35–54 and 13 percent of those 18–34.
Petrera said “it’s important to remember that an RRSP is an account, not a complete retirement plan.”
She added that retirement planning is deeply personal and said Edward Jones advisors offer tailored advice to help Canadians decide if an RRSP fits their broader goals and build a holistic plan.
For the 2025 tax year, the RRSP contribution deadline is March 2, 2026. Canadians may be eligible to contribute up to 18 percent of their previous year’s earned income, to a maximum of $32,490, plus any unused carried‑forward room, subject to pension adjustments.
