(CNW)-According to the 20th Annual RBC RRSP Poll, one-in-three Canadians (32 %) have not started saving for retirement yet, compared to one-in-four (24 %) in 2008.

The study also found only 36 per cent say they are planning or have planned for retirement, down from 42 per cent in 2008. The decline is most noticeable among those aged 55 and over, with fewer (53%) doing any retirement planning compared to 2008 (67 %).

Just one-in-three Canadians (35%) have contributed to or plan to contribute to an RRSP for the 2009 tax year. This is the lowest percentage of contributors since 1996 (34 %). Among those with an RRSP who are not contributing this year or who are reducing their contribution, half (54 %) say it is because of current economic conditions.

"With the recent economic uncertainty, we understand it may have been difficult for many Canadians to focus on planning for retirement," said Lee Anne Davies, head, retirement strategies, RBC.

"It's not easy juggling many financial priorities especially during challenging economic times. That's why we recommend working with an advisor to review both your personal and financial goals, as well as consider the unexpected that may impact your lifestyle, and develop a realistic plan of action."

Respondents are divided over whether Canadians were better prepared for retirement 20 years ago compared to today, with 49 per cent saying that Canadians were better prepared 20 years ago versus 46 per cent who think we are better prepared today.

"Life may have been simpler 20 years ago, and with that, so was planning for retirement," adds Davies. "Today, retirement is more complex with many factors to consider, such as boomers faced with financially supporting adult children, family structure changes and elderly parents living longer.

"All of these can place big demands on your time, your focus and your money. Having a plan would not only make the most of your situation, but would also provide you with peace of mind knowing that your investments are on track to achieve your retirement dream."

2009 RRSP fast facts

Younger Canadians, those aged 18-34, (45 %) and females (37 %) are less likely to have started saving for retirement.

Many Canadians are waiting until the last minute to contribute to their RRSPs. One-in-three (35%) who plan to make a one-time RRSP contribution expect to do so just before the March 1, 2010 deadline.

Only one-in-four Canadians (24%) plan to maximize their RRSP contribution for the 2009 tax year. Canadians aged 18-34 (35%) are most likely to maximize their RRSP contribution.

Among Canadians who have an RRSP, 76 per cent plan to contribute at least as much as they contributed in 2008.

Only one-in-three RRSP investors (31%) make regular contributions through a plan.

Although mutual funds remain the top planned RRSP investment choice (42%) for the 2009 tax year, they have been declining in popularity since 2006 (55%). Younger Canadians (aged 18-34) are more likely to favour savings accounts (29 %) and cash (23 %).

The RBC 20th Annual RBC Poll was conducted by Ipsos Reid between October 21 and November 2, 2009.