Gap in pension contributions widens between high and low wage earners: Knowledge Driven Revolution

A new study suggests the gap in pension contributions has widened sharply between families at the top of the earnings scale and those at the bottom during the past two decades.

The Statistics Canada study says families at the top of the earnings distribution in 2003 contributed more toward their pensions while this was not the case for families with the lowest earnings.

The growing inequality in contributions for retirement was seen across the board among two-parent families, one-parent families and single individuals.

In 1986, two-parent families with husbands aged 35 to 54 who were in the top 20 per cent of the earnings distribution contributed an average of $8,000 to registered retirement savings plans and employer-sponsored registered pension plans.

By 2003, average contributions among higher earners had increased substantially to $11,300.

In contrast, contributions of two-parent families with husbands aged 35 to 54 who were in the bottom 20 per cent of the earnings distribution averaged $1,200 both in 1986 and 2003.

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