CIBC Poll: 60% of Canadians plan to contribute to their retirement this year, but many won't follow through

CIBC Poll: 60% of Canadians plan to contribute to their retirement this year, 
but many won't follow through 
Lack of funds cited as main reason they have not contributed in the past 
TORONTO, Feb. 11, 2013 /CNW/ - A new CIBC (CM:TSX) (CM: NYSE) poll reveals 60 
per cent of eligible Canadians say they will invest in their retirement this 
year; however research from previous years finds many Canadians will not 
follow through. 
Key findings of the poll include: 
--  In total, 60 per cent of Canadians say they will contribute to 
    an RRSP, TFSA, or both in 2013. Of these:
  o 28 per cent say they will contribute to both their RRSP and TFSA 
this year
  o 19 per cent say they will contribute to just their RRSP
  o 13 per cent say they will contribute to just their TFSA 


    --  Another 31 per cent say they won't make a contribution to their
        retirement fund this year, compared to only 28 per cent in 2012
    --  Last year, among Canadians who didn't contribute to their
        retirement savings, the top reason given (35 per cent) was that
        they did not have the money

"While it's positive that so many eligible Canadians plan to contribute 
towards their retirement this year, we know from previous years that only 26 
per cent of eligible tax filers actually made a contribution to their RRSP but 
our data shows 47 per cent say they intend to contribute to their RRSP," said 
Jamie Golombek, Managing Director, Tax & Estate Planning, CIBC. "If you don't 
have the money to make a contribution to your retirement savings, the solution 
may come from having a hard look at your budget. Saving for retirement is 
really about delaying some consumption from the present to the future."

Budgeting Key to Making Retirement Savings Contributions

Mr. Golombek advises that while debt repayment is important, you shouldn't 
ignore your long term savings goal either.

"By restructuring your debt, or reviewing monthly cash-flow, an advisor can 
help you find extra money to contribute towards your retirement savings," said 
Mr. Golombek.

Once Canadians have identified some extra savings they can contribute to their 
retirement, an easier way to follow through with your good intentions is to 
set up a regular investment plan.

Making smaller, regular contributions throughout the year is much easier than 
making one large lump-sum contribution to your RRSP," said Mr. Golombek. "If 
you set up your regular savings plan so that a portion of each pay cheque 
automatically goes to an RRSP account or your TFSA then you can't spend it."

CIBC offers the following tips for Canadians to maximize Retirement Savings:
    --  Meet with an Advisor and Review your Savings Goals and Plan
    --  Contribute Regularly
    --  Manage and Track Day-to-Day Spending

Additional Poll Findings:

Percentage of Canadians who intend to contribute to either an RRSP, TFSA, or 
both in 2013 compared to last year, by region:

 _______________________________
|                     |2013|2012|
|_____________________|____|____|
|National             | 60%| 57%|
|_____________________|____|____|
|Atlantic Canada      | 58%| 49%|
|_____________________|____|____|
|Quebec               | 53%| 55%|
|_____________________|____|____|
|Ontario              | 63%| 56%|
|_____________________|____|____|
|Manitoba/Saskatchewan| 65%| 52%|
|_____________________|____|____|
|Alberta              | 65%| 65%|
|_____________________|____|____|
|British Columbia     | 60%| 63%|
|_____________________|____|____|

Percentage breakdown of how Canadians plan to contribute to their retirement 
savings in 2013, by region:

 _____________________________________________
|                     |Both|RSP Only|TFSA Only|
|_____________________|____|________|_________|
|National             | 28%|19%     |13%      |
|_____________________|____|________|_________|
|Atlantic Canada      | 22%|19%     |17%      |
|_____________________|____|________|_________|
|Quebec               | 22%|21%     |10%      |
|_____________________|____|________|_________|
|Ontario              | 32%|19%     |12%      |
|_____________________|____|________|_________|
|Manitoba/Saskatchewan| 33%|17%     |15%      |
|_____________________|____|________|_________|
|Alberta              | 37%|18%     |9%       |
|_____________________|____|________|_________|
|British Columbia     | 24%|15%     |22%      |
|_____________________|____|________|_________|

Percentage of Canadians who plan to contribute to either an RRSP, TFSA, or 
both in 2013 compared to last year, by age:

 __________________
|        |2013|2012|
|________|____|____|
|National|60% | 57%|
|________|____|____|
|18-24   |53% | 44%|
|________|____|____|
|25-34   |71% | 65%|
|________|____|____|
|35-44   |66% | 63%|
|________|____|____|
|45-54   |62% | 58%|
|________|____|____|
|55-64   |55% | 55%|
|________|____|____|
|65+     |45% | 50%|
|________|____|____|

Percentage breakdown of how Canadians plan to contribute to their retirement 
savings in 2013, by age:

 ________________________________
|        |Both|RSP Only|TFSA Only|
|________|____|________|_________|
|National|28% |19%     |13%      |
|________|____|________|_________|
|18-24   |20% |19%     |14%      |
|________|____|________|_________|
|25-34   |37% |24%     |11%      |
|________|____|________|_________|
|35-44   |35% |24%     |6%       |
|________|____|________|_________|
|45-54   |32% |24%     |7%       |
|________|____|________|_________|
|55-64   |23% |13%     |18%      |
|________|____|________|_________|
|65+     |13% |5%      |27%      |
|________|____|________|_________|

Results are based on a CIBC poll conducted by Harris/Decima, via teleVox, 
which surveyed 1740 Canadians between ages 18 and 72 (the age at which RRSPs 
must be converted to a Registered Retirement Income Fund). The associated 
margin of error is +/-2.35%, 19 times out of 20. Polling was conducted between 
December 13, 2012 to January 7, 2013.

CIBC is a leading North American financial institution with nearly 11 million 
personal banking and business clients. CIBC offers a full range of products 
and services through its comprehensive electronic banking network, branches 
and offices across Canada, and has offices in the United States and around the 
world. You can find other news releases and information about CIBC in our 
Press Centre on our corporate website at www.cibc.com.



Kevin Dove, Head of External Communications, 416-980-8835,Kevin.dove@cibc.com

SOURCE: CIBC

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CO: Canadian Imperial Bank of Commerce
ST: Ontario
NI: FIN ECOSURV 

-0- Feb/11/2013 11:00 GMT