Retirement Savings Top Priority For People

Saving for retirement trumps reducing debt this year for Canadians.

A poll from RBC is a reversal from a similar survey done last year, when more Canadians chose to pay down their debt.

Over half are now focusing on increasing their retirement savings, with 48 per cent placing a priority on debt reduction.

The numbers also show that RRSP ownership among 35-54 year olds has jumped almost ten per cent from 2013.

RBC says the findings show Canadians are more comfortable with how they are managing their debt and this is allowing them to focus more strongly on retirement savings this year.

About a quarter of middle-aged Canadians believe they will need to save, on average, $545,000 for a comfortable retirement.