Canadians are caught between winter sports and saving for retirement

Toronto, ON (February 5, 2025) — Many Canadians believe investing is a tool that can help them enjoy hobbies and experiences today while also building a comfortable retirement tomorrow. According to a recent Wealthsimple-commissioned study* conducted by Angus Reid, 53 per cent believe their Registered Retirement Savings Plan (RRSP) can help them do both at the same time. 

The study which surveyed savvy savers – ​ Canadians with $100,000 or more in investment savings – found 41 per cent of them are using an RRSP within their savings plan to help towards lifestyle goals such as winter sports and getaways. 57 per cent are prioritizing saving for travel.

Winter sports are also a particularly popular hobby among this group. A notable 64 per cent of this group report spending up to $1,000 each season on activities like skiing and snowboarding. However, nearly three-quarters (71 per cent) admit they don’t budget for these expenses until winter arrives, requiring them to find a balance between their retirement savings goals and enjoying their favourite seasonal activities.

For some regions, the winter season can span more than five months, making activities like snowboarding and skiing particularly important – and expensive – pastimes. Many Canadians face the challenge of choosing between spending in the moment or saving for their future—but with the right approach, it’s possible to do both.

“We’re seeing more Canadians—particularly Millennials and Gen Z—prioritize adventure and living in the now above all else,” says Shane Murphy, financial advisor at Wealthsimple. “Whether it’s hitting the slopes or pursuing other passions, people want a financial plan that allows them to live fully today without compromising their long-term goals. That’s where Wealthsimple can help.” 

To help Canadians achieve this ‘save-life’ balance, Wealthsimple is offering its largest-ever RRSP match program this season. Investors can earn a 2 per cent match on qualifying RRSP transfers. On a $50,000 RRSP account transfer, that’s another $1,000 in their pocket. The offer includes 1 per cent match on other qualifying accounts transfers (FHSA, TFSA and more), plus the opportunity to earn up to five Canadian Lift Pass valid at over 50 mountains across the country. Terms and conditions apply; see wsim.co/bundle for details. 

Other key findings:

About Wealthsimple

Wealthsimple is one of Canada’s fastest growing and most trusted money management platforms. The company offers a full suite of simple, sophisticated financial products across managed investing, do-it-yourself trading, cryptocurrency, tax filing, spending and saving. Wealthsimple currently serves 3 million Canadians and holds over $50 billion in assets. The company was founded in 2014 by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.

For further information: press@wealthsimple.com

^{* These findings are from a survey conducted by Wealthsimple from December 27th, 2024 to January 6th, 2025, among a sample of 500 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-4.4 percentage points, 19 times out of 20.}

^{Match Bonus: From January 20 to March 15, 2025, new or existing Wealthsimple account user who registers for the promotion then initiates an institutional transfer of an existing account from a qualifying third party to a Wealthsimple Self-directed Investing, Crypto or Managed Investing account within 30 days of registration will receive a 1% cash bonus on the cumulative transferred amount (less withdrawal) of at least $15,000 during the promotion period, up to a maximum of $5,000,000 transferred amount. An additional 1% cash bonus will be applied if the eligible transfers are from an RRSP or LIRA account. Maximum one (1) cash bonus per client, to be applied in the span of twenty-four (24) months. Minimum fund holding period required. Full eligibility and T&Cs at wsim.co/bundle.}

^{Lift Ticket: From January 20 to March 15, 2025, new or existing Wealthsimple account user who registers for the promotion then complete one of the following within 30 days (the “Qualification Period”) will receive one (1) Canadian Lift Pass for the 2024/2025 ski season: (i) set up their first direct deposit with Wealthsimple Cash (“Cash”) account and have at least $2,000 deposited into their Cash account monthly for at least six (6) months; (ii) initiate a qualified institutional transfer(s) of at least $15,000 from a qualifying third party to a Wealthsimple Self-directed Investing and Managed Investing account, with at least one (1) transfer being a RRSP or LIRA account transfer, or (iii) successfully refer a new client who opens a Wealthsimple Account and funds at least $1 within 30 days of account opening. Limit one (1) lift ticket via method (i), one (1) lift ticket via method (ii), and three (3) lift tickets via method (iii) per qualified client. Full eligibility and T&Cs at wsim.co/bundle.}