According to a poll, 70 per cent of Canadians reported negative feelings about RRSP contributions, including confusion, worry that they are not contributing enough for a financially secure retirement and uncertainty about whether they are maximizing their RRSP opportunities.KalebKroetsch/iStockPhoto / Getty Images
The majority of Canadians, especially young people, don’t feel confident about mapping out their retirements, yet plan on contributing to their RRSPs anyway, according to a new survey.
The study from financial services firm Edward Jones Canada released on Wednesday suggests that even as many Canadians associate registered retirement savings plans with feelings of confusion and anxiety, the pressure to prepare for the future is still shaping how they save.
Advisers say that the instinct to save is a positive first step. But without understanding where the money is going and why, those good intentions can turn inefficient and costly, they say.
“Their anxiety is driving good behaviour,” said Leslie Logan, a senior financial planner with TD Wealth. But “saving is just the first half of the battle.”
According to the poll, 41 per cent of Canadians plan to contribute to their RRSPs for the 2025 tax year, up slightly from last year. Among young adults aged 18 to 34, 48 per cent plan to contribute, an increase from 41 per cent the year before.
Yet 70 per cent of Canadians reported negative feelings about RRSP contributions, including confusion, worry that they are not contributing enough for a financially secure retirement and uncertainty about whether they are maximizing their RRSP opportunities. Young Canadians reported the highest level of negative emotions and the lowest financial literacy.
“There is a correlation between stress, and negative emotions, and contributions,” said Julie Petrera, director of financial planning at Edward Jones Canada.
Just over half of respondents said they grasp the tax implications of withdrawals, and only 53 per cent feel confident about what happens when an RRSP matures.
The survey results are based on 1,533 responses collected through an online survey conducted from Jan. 26 to 28, 2026.
Kayla Foisy feels like she’s already behind in saving for her future.
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The 21-year-old undergraduate student at Ontario’s Western University earns a modest income working at the school’s paper. Since starting university, she has heard more conversations about money, investing, tax-free savings accounts, registered retirement savings plans and getting an early start on saving. All that chatter has made her anxious about her own financial habits.
“You get a feeling of being left out, or FOMO, if you’re not starting to save,” she said.
Ms. Foisy said she’s unsure what kind of account to save money in, or what her long-term financial strategy should be. But one thing she is sure about: she should just be doing something to save.
Ms. Petrera said there’s many benefits to contributing to an RRSP, such as lowering taxable income, but warns that there are pitfalls in doing so without understanding how the account works. For example, early withdrawals can trigger tax consequences, she said. The account also may not be the best option for people in a lower income tax bracket.
TD Wealth’s Ms. Logan said it’s important to save intentionally. That can be done by identifying short- and long-term goals and choosing accounts accordingly, she said. If someone plans to travel in the near future, for instance, a TFSA may make more sense than locking funds into an RRSP.
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Young Canadians, in particular, appear motivated to get a head start financially.
Statistics Canada data show they are also contributing more to RRSPs than millennials did at the same age. In 2023, the median RRSP contribution for Canadians under 25 was $1,880 – more than 20 per cent higher than millennials contributed in 2009, even after adjusting for inflation.
Hans Friedrich, an adviser at Sun Life and managing partner at Evolv Financial, said many young people have been able to save more because they are living with their parents longer and delaying home purchases.
At the same time, information about investing has exploded online. A 2023 CFA Institute report found that 53 per cent of Canadian Gen Z investors use social media as their source of investing information.
But more information does not always mean more clarity. Ms. Logan said the sheer volume of content, some of which is incorrect, can be overwhelming and contribute to stress.
For Ms. Foisy, the noise pushes her back to people she trusts. She turns to her uncles or to a bank adviser when she needs guidance.
“It’s nice when someone you trust is like, buy this stock or contribute to this account, because I don’t do that thinking for myself,” she said.