Table 7:
Regression Analysis of Savings Withdrawals
| Regression Variable | Withdrawal from |
|
|---|---|---|
| RRSP | TFSA | |
| Female | 0.00090 | 0.017 |
| (0.014) | (0.017) | |
| 35–44 y | −0.019 | −0.023 |
| (0.018) | (0.022) | |
| 45–54 y | −0.0049 | −0.0044 |
| (0.020) | (0.024) | |
| 55–64, y | 0.071** | 0.059* |
| (0.028) | (0.031) | |
| Income 2019/$10,000 | −0.00057 | −0.0040 |
| (0.0021) | (0.0025) | |
| Laid off? | 0.024 | 0.038 |
| (0.021) | (0.019) | |
| Can work from home? | −0.0021 | −0.0088 |
| (0.016) | (0.019) | |
| R 2 | 0.044 | 0.046 |
| N | 1,700 | 1,420 |
Notes: Logit regressions use sample weights. Values are marginal effects with standard errors in parentheses. Regressions were done for those with an account at the end of 2019. Language and work status were included as control variables but are not reported here. RRSP = registered retirement savings plan;TFSA = tax-free savings account.
*
p < 0.1;
**
p < 0.5.
Source: Retirement and Savings Institute-Research Chair in Inter-generational Economics-Centre Interuniversitaire de Recherche en Analyse des Organisations Web survey conducted from 8 to 20 May 2020 using the AskingCanadians panel.