Survey finds Canadians saving more, fewer in dire straits
September 11, 2012
A recent survey conducted by the Canadian Payroll Association found that fewer Canadians are living paycheck to paycheck, according to The Canadian Press. In addition, more are putting money into a retirement account.
The results showed 47 percent of respondents said they would be in serious financial trouble if they did not receive their paycheck on time. Some said this would occur if they got paid only a week late. Even though this is not considered a good figure, it is much lower than the 57 percent that reported the same last year, according to the news source.
Furthermore, approximately 66 percent said they are attempting to save more money, and this is up considerably from the 40 percent that reported the same a year prior.
"More Canadian employees are now able to save more," CPA chairman Caroline Bernard told the news source. "However, only 13 percent have saved half or more of their retirement funds goal."
These Canadians may be saving, but it isn't enough. The results showed nearly half were putting away 5 percent or less of their pay, which is about half of what is recommended by officials. The survey also showed more Canadians are planning to work into retirement. About 41 percent reported they expect to work longer by about five years than they planned on in 2007, the media outlet reports.
According to The Toronto Sun, these findings came from the responses of 3,500 Canadians across the nation from June 16 and August 13.