Valentine's Day is here, and love isn't just about your significant other; it can also be about falling in love with your retirement as well. 

 A 2023 study shows that 51 percent of Canadians are contributing to a Registered Retirement Saving Plan (RRSP) account. However, only 23 percent maximize their contributions, signaling that there is room for more dedication in Canadians' relationships with their investments. 

This year 18-54 year-olds olds are 23 percent more likely to contribute to their RRSP this year, respectively.

A study, says that despite this, Canadians’ relationship with money remains tense as they brace for what is expected to be another year of economic volatility and that when asked half say they are nervous, and an additional 14 percent say they are fearful.

33 percent of respondents say they are happy with the current state of their finances.

“Intentions to contribute are at their highest level since the start of the pandemic, which is due in part to the Bank of Canada’s decision to increase interest rates. Those rate hikes were designed to replace spending with saving, and our data demonstrates they are doing just that,” said Julie Petrera, Senior Strategies and Client Needs at Edward Jones.

Petrera expressed that as priorities shift towards saving, in this case for their retirement, Canadians need to ensure their financial strategy is up to date. 

"It’s a necessary step to getting on track, staying on track, or fast-tracking towards those re-focused financial goals."

The survey also found that an RRSP on its own isn’t cutting it for Canadians.

Only 19 percent of respondents believe an RRSP alone meets their saving and investing needs and 12 percent prefer other investment options altogether said the report.

"The data highlights the important fact that there is no such thing as a one-size-fits-all approach to investing. Canadians are all different and their needs are constantly changing."

These account types offer various benefits and restrictions both immediately, and longer-term.

There are so many factors to consider for every account type and individual situation.

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