Knowledge of savings plans

The survey shows that Quebec workers are very or fairly familiar with RRSPs (89%) and TFSAs (87%). Conversely, RESPs (60%), FHSAs (50%), RDSPs (14%) and RVERs (10%) are less well known.

For ÉducÉpargne and the CSF, since it has been in place for less than 2 years, it's normal that only half of workers are familiar with the FHSA. However, the RESP has been around for nearly 30 years, and it's surprising that only 6 out of 10 workers know about it, whether they're parents or not.

“It's true that the FHSA and RESP are aimed at a certain segment of the workforce, but we feel it's very important to raise awareness of these savings plans. Even if we're already homeowners, or our children have completed their studies, it's essential that we collectively put more effort into making our loved ones aware of the existence and benefits of these plans,” says Nathalie Bachand, Pl. Fin., Chairman of ÉducÉpargne.

Tax knowledge in need of improvement

Among other more worrying data, although 2 out of 3 workers (64%) consider themselves to have very or fairly good knowledge of the various savings plans, 58% are unaware of the tax impact in the event of death, and 56% of the impact of separation. Yet tens, even hundreds of thousands of dollars are often at stake.

The value of professional advice

On a more positive note, the survey shows that a majority of respondents (85%) believe that professional advice is very important (31%) or fairly important (54%) when choosing a savings plan.

“We are pleased to see that more than 8 out of 10 people find it important to seek professional advice when choosing a savings plan that suits their financial needs. Despite developments in automated advice, savers still prefer the human touch. Since the professionals supervised by the CSF are required to know their clients well and to act in their best interests, in addition to being familiar with the products and strategies they propose, their clients are better protected,” says Marie Elaine Farley, President and CEO of the CSF.

“The results of the study also confirm that many investors wish to call on a professional who can advise them on many aspects of their financial situation. Quebec is well positioned in this respect, thanks to the CSF's multidisciplinary approach,” adds Me Farley.

Survey methodology

This Web survey was conducted by Léger from September 26 to October 1, 2024, among 1,000 Quebec workers aged 18 and over. For information purposes, the maximum margin of error for a sample of 1,000 respondents is 3.1%, 19 times out of 20.

Webinar: "CELIAPP, REER, CELI, REEE… où investir son épargne?"

To help Quebec workers make the best possible decisions when choosing their savings plans, ÉducÉpargne and the CSF are organizing a free webinar (in French only) on November 29. For more details and to register: click here.