cHAPTER 10
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Video: 2013
Similar situation occured last year aswell...
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Come to the retirement sale!
The registered retirement savings plan plays a huge role in many individual financial planning for retirement. However despite its perks, more people seem to be withdrawing from their current savings, while others do not bother saving for their retirement in the future. According to Scotiabank in the previous year 2013, around 37% Canadians took their money out of their savings in order to meet their basic and present needs. The vice president of Scotia Private client group Atlantic, Paul deWolfe believes that the peoples failure to understand the negative impact their actions, can lead to a delay in retirement.
The article context is similar to that of chapter 10, which involves an individual ability to save a part of their current income without spending it. In this case people are withdrawing money from their RRSPs account because they are unable to control their consumption level and create a reasonable budget. People are advised to consult their financial adviser, because using savings to pay off their consumer credit and other debts might jeopardize their future plans.
Economic Concept...
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