Almost two in five (39 per cent) Canadians are confident in their retirement plan, according to a survey conducted by Pollara Strategic Insights for the Bank of Montreal Financial Group.

The survey, which polled 1,500 adult Canadians, found while respondents said they need $1.6 million to retire securely, just under half (44 per cent) were confident they’ll have enough money saved to retire as planned. Indeed, 42 per cent of respondents who are widowed, divorced or separated said they don’t have enough money to contribute to their registered retirement savings plan this year.

Read: Canadians concerned about retirement readiness: surveys

Nearly a quarter (23 per cent) of respondents said they’re planning to retire between the ages of 60 and 69, while the same number are planning to retire by age 54. However, more than half (53 per cent) of respondents don’t know how much money they’ll need to retire.

Despite the challenges from the ongoing coronavirus pandemic and expectations of rising inflation, a majority (58 per cent) of respondents have contributed or plan to contribute to their RRSPs. Among the 60 per cent of respondents who have an RRSP, two-thirds (66 per cent) said they’re contributing to the account to save for retirement, while almost a quarter (23 per cent) noted they’re contributing to achieve financial independence as early as possible and 14 per cent are saving for an early retirement.

“Canadians have demonstrated resilience during these uncertain times and it’s encouraging to see them continue prioritizing retirement planning,” said Robert Armstrong, director of multi-asset solutions at BMO Global Asset Management, in a press release.

Read: New surveys highlight discrepancies in retirement readiness