A new study by BMO Financial Group shows that more Canadian’s are saving for retirement, but few know how much money is needed to retire comfortably.

The study shows that 69 per cent of Canadians hold a Registered Retirement Savings Plan account, compared to 60 per cent last year.

“What we are finding is that people are becoming more away of their need for funds now as well as retirement,” said Aaron Ruston of Purposed Financial. “I think that awareness, hopefully, has raised people’s attention to put money aside.”

According to the study, the average RRSP account is worth over $111,000, an increase of $10,000 from 2018.

In the prairies, the average amount held in an RRSP is over $92,000.

Meanwhile, the study says the average Canadian plans to retire at 62 but doesn’t know how much money is needed to retire comfortably.

Ruston says a few tips include getting started early, maximize your contributions, have a good financial advisor and monitor your RRSP’s progress.

“The main thing is when you are putting money in RRSPs is knowing what you are going into as well,” Ruston said.

“Certainly you are going to get some tax back now, but understand at the other end, when you draw money out of the RRSP, you are going to get taxed on it too.”