A worrying trend is happening among Canada’s young people, suggesting they are not sure about their retirement savings plans, with nearly a third admitting they are “not at all knowledgeable” about the subject.

“The interesting thing with millennials is they do prioritize retirement as important … but often don’t know how to get started or think their budget can accommodate it,” said Linda MacKay, senior vice-president for personal savings and investing at TD Canada Trust.

A survey carried out for TC Bank showed that a sizeable portion of the 18 to 33 demographic has been fed misinformation about registered retirement savings plans (RRSP). Half of the people asked were aware that a RRSP fund can be used towards purchasing a first home, while just 28 per cent were aware that such a fund could be used for further education through the lifelong learning plan.

While not knowing what they can use a RRSP fund for, many young Canadians misunderstand and think they can buy goods and services that they cannot. 64 per cent of the surveyed thought that the RRSP fund could be used for child care service, which is not true. Other goods young Canadians wrongly thought could be bought through a RRSP fund include car finance (52 per cent), and buying a second home.

The soundest advice offered by MacKay was to remind Canadians that the earlier they start saving and planning for retirement the better off they will ultimately be. Even if you are starting small, every little helps and builds to a solid retirement fund in later life.

The online poll done by Environics Research for TD Bank surveyed 2,115 respondents aged 18 or older including 613 between 18 and 33 between Oct. 30 and Nov. 5, 2015.