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Canadians plan to top up RRSPs despite tough economy, survey indicates

A national survey indicates more than two-thirds of Canadians plan to contribute the same amount or more to their RRSP as last year.

During the 2010 tax year, Canadians contributed an average of $4,700 to their RRSPs.

Of those not planning to make a contribution or contributing less this year, 38 per cent said they have other expenses.

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The Leger Marketing survey for Bank of Montreal indicates 71 per cent of Canadians are concerned about the performance of their RRSPs.

The survey also found 36 per cent are not confident in their ability to save for retirement, compared to just 18 per cent during the 2010 tax year.

The online survey was conducted in late November by Leger Marketing with a sample of 1,520 Canadians, 18 years of age or older.

"The volatility we have experienced in the financial markets over the past year has increased concern among Canadians about their ability to save for retirement," said BMO's Caroline Dabu.

"The current financial climate has made saving more of a priority for Canadians than ever before," Ms. Dabu said.

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