Many of us grew up with the tried and true advice from our parents that we should invest in RSPs, and like a lot of parental advice, it is often ignored. Less than one in three eligible Canadians take advantage of this investment according to StatsCan.
It’s not that people don’t think about the future. It’s often a case of being overwhelmed by information and unsure how to sort it out. Would they be better off with a Tax Free Savings Account (TFSA)? Should they focus on debt repayment instead of retirement savings? Should they borrow to invest?