New Ipsos index reveals that just 29% of Canadians contributed to an RRSP in the past year
Savings and retirement preparedness ranked as the most common unprompted reason Canadians gave for low confidence in their long-term financial situation, named by 17 percent of the 835 respondents in that group.
The 2026 IG Wealth Management Financial Confidence Index, conducted by Ipsos, puts cost of living and inflation at 17 percent, retired or pension concerns at 14 percent, and low income at 12 percent.
RRSP participation sat at 29 percent for the past year, with 28 percent planning to contribute in the coming year and 20 percent unsure.
One respondent quoted in the report asked, “How am I supposed to save for retirement?” after describing no money left after bills and groceries.
Fifty-five percent of respondents said they could not maintain their current standard of living for more than six months if their household lost its primary source of income.
Twenty percent put that window at less than one month, 20 percent at one to three months and 15 percent at four to six months, against 22 percent who said more than one year.
The figure reached 60 percent among households earning $40,000 to under $60,000 and 53 percent among those at $100,000 or more.
Half of respondents reported no $2,000 emergency fund.
Asked how they would meet an unexpected $2,000 expense, 46 percent chose cash or savings, 29 percent a credit card and 11 percent a line of credit.
Sixteen percent said they could not cover it.
Forty-seven percent said their expenses rose faster than their income over the past year, against 9 percent who said income rose faster.
Concern about job loss or reduced hours in the next 12 months stood at 24 percent nationally, reaching 35 percent among respondents aged 35 to 54 and 35 percent among those with children at home, compared with 11 percent among those 55 and over.
Twelve percent reported difficulty finding a new job in the past year and 7 percent reported a job loss.
Thirty-three percent said they were concerned artificial intelligence could negatively affect their job, career or income over the next five years.
Sixty-eight percent reported no impact from AI to date, while 5 percent said their employer has been hiring fewer people because of AI.
Eight percent said their employer encourages use of AI-powered tools and 7 percent said they had received training on them.
Forty-seven percent said they use or consult a financial professional.
Among that group, 76 percent agreed they feel prepared and on track to meet their financial goals, against 48 percent of those who do not.
Retirement plans ranked second among advice areas received at 38 percent, behind investment strategy at 56 percent.
The national confidence score held at 52 for a second year, with trust in economy the only pillar to move significantly, rising three points to 42.
Scores ran from 45 among households under $40,000 to 58 among those at $100,000 or more.
