Loading

Despite some economic gains, most employed Canadians continue to fall short of meeting their retirement savings goals

Even though there have been some signs of economic improvement over the past year, most employed Canadians are no better off when it comes to their retirement prospects.

High Levels of Spending, Low Rates of Savings

According to the Canadian Payroll Association’s ninth annual survey, released today, 47% of working Canadians report it would be difficult to meet their financial obligations if their pay cheque was delayed by even a single week. The numbers are even higher for millennials in their 30s (55% would have difficulty) and Gen Xs in their 40s (51%).

The survey also shows that 41% of employees spend all of or more than their net pay. The number-one reason given for increased spending is higher living costs.

Forty-two per cent of survey respondents said they save 5% or less of their earnings, below the 10% savings level generally recommended by financial planning experts.

Illustrating just how strapped some employees are, 22% (nearly 1 in 4) say they could not come up with just $2,000 within a month for an emergency expense.

The Canadian Payroll Association (CNW Group/Canadian Payroll Association)

High Debt Levels

Debt levels of working Canadians continue to remain high. Over one-third (35%) of working Canadians feel overwhelmed by their level of debt. Nearly one-third (31%) of respondents say their debt load increased over the year. Those who believe it will take more than 10 years to pay down their debt has risen to 42% (versus 36% in 2016). Fully 12% believe they will never be debt free.

As in past years, 94% of respondents carry debt, with the most common debt being mortgages (28%), credit cards (17%), car loans (18%) and lines of credit (17%). Not surprisingly, given the high cost of real-estate in some areas, more respondents than ever find mortgages on principal residences the most difficult debt to pay down, with 32% of respondents selecting this option. For the first time in the survey’s nine year history, mortgages surpassed credit card debt (23%) as the most difficult to pay down.

Results indicate that the primary reason for increased debt is higher overall spending. The major reasons for increased spending are higher living expenses (32%) and unexpected expenses (25%). Despite their precarious financial situation, 26% of working Canadians feel that earning more is their best way to financial well-being, versus just 19% who think spending less is the ticket to financial security.

“These results underscore the need for spending less and saving more every day, for emergencies and for retirement,” says Janice MacLellan, the Canadian Payroll Association’s Vice-President of Operations. “They also show that it is very difficult for people to change or reduce their spending patterns. By Paying Yourself First through automatic payroll deductions, you are diverting money into a retirement or savings account before you have the opportunity to think about spending it.”

Retirement Delayed for Many

Almost half of working Canadians (46%) say they will now have to work longer than they planned five years ago, and the top reason cited is they are “not saving enough”.

This is corroborated by another result indicating that 74% have saved only a quarter or less of what they feel they will need to retire. And even among those closer to retirement (50 and older), a disturbing 47% are still less than a quarter of the way to their retirement savings goal.

The average target retirement age is now about 61, and half (46%) think they will need a retirement nest-egg of at least $1 million.

Economic Outlook

There were a few positive indicators, most notably a 5% increase in the number of employees with total household incomes of over $125K, and a slight rise (2%) in full time employment to 89%.

However, most working Canadians see little to cheer about, with only 39% expecting the economy in their city or town to improve. While up 3% over last year, it is down by 27% from the first survey done in 2009.

Their greatest concerns are the rising costs of living and the impact of potential interest rate increases.

What to Do

With many Canadians challenged by debt, cost of living worries, and insufficient retirement savings, the Canadian Payroll Association recommends you Pay Yourself First by saving 10% of your net pay.

If you want to learn more about automatic savings – and how you can Pay Yourself First – talk to your payroll professional.

“The Canadian Payroll Association’s Research Survey of Employed Canadians is conducted each year to support National Payroll Week,” says Frank Lilley, CPA, CGA and Chair of the Canadian Payroll Association’s Board of Directors. “National Payroll Week recognizes the contributions of payroll professionals in delivering $928 billion annually in wages and benefits on behalf of employers and in helping Canadians Pay Themselves First.”

Regional survey findings are available. Go to www.payroll.ca → Media Room for provincial/regional news releases and infographics.

Canadian Payroll Association spokespersons are available across Canada for interviews.

Canadian Payroll Association 2017 Survey of Employed Canadians
A total of 4,766 employees from across Canada, and from a wide range of industry sectors, responded to an online research survey between Monday, June 27th, 2017 and Friday, August 5th, 2017, using a convenience sampling methodology. The survey was developed by the Canadian Payroll Association and conducted by Framework Partners. The survey is consistent with a margin of error of plus or minus 1.3% 19 times out of 20, but as a non-probabilistic methodology was used, a definitive margin of error cannot be expressed.

Payroll Professionals – Keeping Canada Paid™
Canada’s 1.5 million employers rely on payroll practitioners to ensure the timely and accurate annual payment of $928 billion in wages, $313 billion in statutory remittances to the federal and provincial governments, and $177 billion in health and retirement benefits, while complying with more than 200 federal and provincial regulatory requirements. Since 1978, the Canadian Payroll Association has annually influenced the payroll compliance practices and processes of over five hundred thousand organizational payrolls. As the authoritative source of Canadian payroll knowledge, the Canadian Payroll Association promotes payroll compliance through education and advocacy.

SOURCE Canadian Payroll Association

Related Posts

Majority of Canadians Not Doing Much Research When Buying Financial Products

August 15, 2017

Spending in Canada up 4.26 per cent in the fourth quarter of 2017

January 23, 2018

New BDC study suggests Canadian entrepreneurs are regaining confidence in Canadian economy, despite new restrictions and rising number of COVID-19 cases

January 18, 2021

More than half of Canadians are living paycheque to paycheque as debt continues to overwhelm

September 30, 2019

Do you have a Christmas Shopping Hangover?

January 17, 2017

CIBC Poll: For eighth straight year, Canadians say paying down debt is their top financial priority in the coming year

December 29, 2017

2,069 comments

  3. This message is posted here using XRumer + XEvil 3.0
    XEvil 3.0 is a revolutionary application that can bypass almost any anti-botnet protection.
    Captcha Recognition Google, Facebook, Yandex, VKontakte, Captcha Com and over 8.4 million other types!
    You read this – it means it works! 😉
    Details on the official website of XEvil.Net, there is a free demo version.

  11. Hey everybody! Lately I have been battling with a lot of challenges. Friends and doctors keep telling me I should consider taking meds, so I may as well click here and see how it goes. Problem is, I haven’t taken it for a while, and don’t wanna get back to it, we’ll see how it goes.

  42. My friend and I went camping the other day. It was a horrible experience, as he wouldn’t let me sleep all night. He kept talking about random subjects and whined about his anxiety. I totally told him to here and deal with it.

  229. My friend and I went camping the other day. It was a horrific experience, as he wouldn’t let me sleep all night. He kept talking about random subjects and cried about his anxiety. I totally told him to interaction and deal with it.

  273. Oh God. I don’t know what to do as I have loads of work to do next week month. Plus the university exams are approaching, it will be a stretch. I am already being anxious maybe I should this to calm down a little bit. Hopefully it will all go well. Wish me luck.

  290. Пополение баланса Авито (Avito) за 50% | Телеграмм @a1garant

    Здравствуйте, дорогие друзья!

    Рады будем предоставить Всем вам сервис по пополнению баланса на действующие активные аккаунты Avito (а также, совершенно новые). Если Вам требуются конкретные балансы – пишите, будем решать. Потратить можно на турбо продажи, любые платные услуги Авито (Avito).

    Аккаунты не Брут. Живут долго.

    Процент пополнения в нашу сторону и стоимость готовых аккаунтов: 50% от баланса на аккаунте.
    Если требуется залив на ваш аккаунт, в этом случае требуются логин и пароль Вашего акка для доступа к форме оплаты, пополнения баланса.
    Для постоянных клиентов гибкая система бонусов и скидок!
    Гарантия:

    И, конечно же ничто не укрепляет доверие, как – Постоплата!!! Вперед денег не просим… А также, гасим Штрафы ГИБДД за 65% …

    Оплата:
    ЯндексДеньги, Webmoney (профессиональные счета)
    Рады сотрудничеству!

    Залив Авито канал Телеграмм @t.me/avito50
    ________

    пакет объявлений +на авито
    авито санкт
    авито авто +с пробегом
    авито скидки +на платное размещение
    турбо продажа авито скидка

  408. Пополение баланса Авито (Avito) за 50% | Телеграмм @a1garant

    Приветствую вас, дорогие друзья!

    Будем рады предоставить Всем вам сервис по пополнению баланса на действующие активные аккаунты Avito (а также, абсолютно новые). Если Вам нужны конкретные балансы – пишите, будем решать. Потратить можно на турбо продажи, любые платные услуги Авито (Avito).

    Аккаунты не Брут. Живут долго.

    Процент пополнения в нашу сторону и стоимость готовых аккаунтов: 50% от баланса на аккаунте.
    Если необходим залив на ваш аккаунт, в этом случае требуются логин и пароль Вашего акка для доступа к форме оплаты, пополнения баланса.
    Для постоянных клиентов гибкая система бонусов и скидок!
    Гарантия:

    И, конечно же ничто не укрепляет доверие, как – Постоплата!!! Вперед денег не просим… А также, гасим Штрафы ГИБДД за 65% …

    Оплата:
    ЯндексДеньги, Webmoney (профессиональные счета)
    Рады сотрудничеству!

    Залив Авито канал Телеграмм @t.me/avito50
    ________

    авито работа
    авито
    покупаем турбо пакеты +на авито со скидкой
    авито вакансии
    авито орловская область вещи пакетом

  455. Пополение баланса Авито (Avito) за 50% | Телеграмм @a1garant

    Здравствуйте, дорогие друзья!

    Рады предоставить Всем вам сервис по пополнению баланса на действующие активные аккаунты Avito (а также, абсолютно новые). Если Вам необходимы определенные балансы – пишите, будем решать. Потратить можно на турбо продажи, любые платные услуги Авито (Avito).

    Аккаунты не Брут. Живут долго.

    Процент пополнения в нашу сторону и стоимость готовых аккаунтов: 50% от баланса на аккаунте.
    Если требуется залив на ваш аккаунт, в этом случае требуются логин и пароль Вашего акка для доступа к форме оплаты, пополнения баланса.
    Для постоянных клиентов гибкая система бонусов и скидок!
    Гарантия:

    И, конечно же ничто не укрепляет доверие, как – Постоплата!!! Вперед денег не просим… А также, гасим Штрафы ГИБДД за 65% …

    Оплата:
    ЯндексДеньги, Webmoney (профессиональные счета)
    Рады сотрудничеству!

    Залив Авито канал Телеграмм @t.me/avito50
    ________

    авито бесплатные объявления регистрация
    регистрация +на авито бесплатная
    пополнение баланса авито
    авито частные бесплатные объявления
    вещи пакетом +для новорожденного авито

  462. Пополение баланса Авито (Avito) за 50% | Телеграмм @a1garant

    Мое почтение, дорогие друзья!

    Будем рады предоставить Всем вам сервис по пополнению баланса на действующие активные аккаунты Avito (а также, абсолютно новые). Если Вам надо определенные балансы – пишите, будем решать. Потратить можно на турбо продажи, любые платные услуги Авито (Avito).

    Аккаунты не Брут. Живут долго.

    Процент пополнения в нашу сторону и стоимость готовых аккаунтов: 50% от баланса на аккаунте.
    Если требуется залив на ваш аккаунт, в этом случае требуются логин и пароль Вашего акка для доступа к форме оплаты, пополнения баланса.
    Для постоянных клиентов гибкая система бонусов и скидок!
    Гарантия:

    И, конечно же ничто не укрепляет доверие, как – Постоплата!!! Вперед денег не просим… А также, гасим Штрафы ГИБДД за 65% …

    Оплата:
    ЯндексДеньги, Webmoney (профессиональные счета)
    Рады сотрудничеству!

    Залив Авито канал Телеграмм @t.me/avito50
    ________

    авито со скидкой
    авито пакеты размещений
    акции авито цена
    турбо пакет авито со скидкой
    авито краснодар вещи пакетом

  470. Пополение баланса Авито (Avito) за 50% | Телеграмм @a1garant

    Приветствую вас, дорогие друзья!

    Будем рады предоставить Всем вам услуги по пополнению баланса на действующие активные аккаунты Avito (а также, абсолютно новые). Если Вам требуются конкретные балансы – пишите, будем решать. Потратить можно на турбо продажи, любые платные услуги Авито (Avito).

    Аккаунты не Брут. Живут долго.

    Процент пополнения в нашу сторону и стоимость готовых аккаунтов: 50% от баланса на аккаунте.
    Если требуется залив на ваш аккаунт, в этом случае требуются логин и пароль Вашего акка для доступа к форме оплаты, пополнения баланса.
    Для постоянных заказчиков гибкая система бонусов и скидок!
    Гарантия:

    И, конечно же ничто не укрепляет доверие, как – Постоплата!!! Вперед денег не просим… А также, гасим Штрафы ГИБДД за 65% …

    Оплата:
    ЯндексДеньги, Webmoney (профессиональные счета)
    Рады сотрудничеству!

    Залив Авито канал Телеграмм @t.me/avito50
    ________

    авито бесплатные объявления нижний
    авито доска бесплатных объявлений
    +как пополнить баланс авито
    авито купить детские вещи пакетом
    куплю вещи пакетом +на девочку +на авито

  509. Пополение баланса Авито (Avito) за 50% | Телеграмм @a1garant

    Мое почтение, дорогие друзья!

    Рады будем предоставить Всем вам услуги по пополнению баланса на действующие активные аккаунты Avito (а также, абсолютно новые). Если Вам необходимы конкретные балансы – пишите, будем решать. Потратить можно на турбо продажи, любые платные услуги Авито (Avito).

    Аккаунты не Брут. Живут долго.

    Процент пополнения в нашу сторону и стоимость готовых аккаунтов: 50% от баланса на аккаунте.
    Если требуется залив на ваш аккаунт, в этом случае требуются логин и пароль Вашего акка для доступа к форме оплаты, пополнения баланса.
    Для постоянных клиентов гибкая система бонусов и скидок!
    Гарантия:

    И, конечно же ничто не укрепляет доверие, как – Постоплата!!! Вперед денег не просим… А также, гасим Штрафы ГИБДД за 65% …

    Оплата:
    ЯндексДеньги, Webmoney (профессиональные счета)
    Рады сотрудничеству!

    Залив Авито
    ________

    авито саратов
    авито уфа
    авито краснодар
    купить рейма авито со скидкой зима
    авито волгоград

  716. I truly enjoy studying on this site, it contains excellent blog posts. Don at put too fine a point to your wit for fear it should get blunted. by Miguel de Cervantes.

  726. Merely a smiling visitor here to share the love (:, btw outstanding style. аЂа‹аЂ Better by far you should forget and smile than that you should remember and be sad.аЂ аЂа› by Christina Georgina Rossetti.

  755. Wow, wonderful weblog format! How long have you ever been running a blog for? you made running a blog look easy. The overall look of your web site is magnificent, let alone the content!

  785. This awesome blog is without a doubt educating and factual. I have picked up a bunch of handy tips out of it. I ad love to return over and over again. Cheers!

  789. Yo dude! Look up at the skies NATO is spraying fake clouds that are very toxic most clouds are not natural anymore, please research you will thank me for bringing this to your attention. PEACE.

  795. Merely a smiling visitor here to share the love (:, btw outstanding style. аЂа‹аЂ Better by far you should forget and smile than that you should remember and be sad.аЂ аЂа› by Christina Georgina Rossetti.

  850. Wow! Thank you! I continually needed to write on my site something like that. Can I include a portion of your post to my website?

  866. I will right away grab your rss as I can at find your e-mail subscription link or e-newsletter service. Do you ave any? Kindly let me know in order that I could subscribe. Thanks.

  875. Thank you for sharing your thoughts. I really appreciate your efforts and I am waiting for your next write ups thank you once again.

  879. I simply could not depart your website before suggesting that I really enjoyed the usual information a person supply to your visitors? Is going to be again regularly in order to check up on new posts.

  925. This awesome blog is really educating and also factual. I have discovered many handy tips out of this amazing blog. I ad love to visit it over and over again. Thanks a bunch!

  958. Wow, amazing blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your website is wonderful, as well as the content!. Thanks For Your article about sex.

  1007. Keep up the excellent piece of work, I read few blog posts on this website and I conceive that your web site is really interesting and has got circles of great information.

  1028. Very nice post. I just stumbled upon your weblog and wanted to say that I have truly enjoyed browsing your blog posts. After all I will be subscribing to your rss feed and I hope you write again soon!

  1036. Wow, marvelous blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your site is fantastic, let alone the content!. Thanks For Your article about sex.

  1039. What as Happening i am new to this, I stumbled upon this I ave found It absolutely helpful and it has helped me out loads. I hope to contribute & assist other users like its aided me. Great job.

  1449. The Silent Shard This tends to probably be really valuable for many within your work opportunities I intend to don at only with my blog but

  1630. MuBSy5 I think other site proprietors should take this website as an model, very clean and great user friendly style and design, as well as the content. You are an expert in this topic!

  1633. My brother recommended I might like this blog. He was entirely right. This post actually made my day. You can not imagine just how much time I had spent for this information! Thanks!

  1644. You have made some really good points there. I looked on the net for additional information about the issue and found most people will go along with your views on this website.

  1646. That is a very good tip especially to those fresh to the blogosphere. Brief but very precise information Thank you for sharing this one. A must read post!

  1652. It as really a great and useful piece of info. I am glad that you shared this helpful information with us. Please keep us up to date like this. Thanks for sharing.

  1654. Thank you for some other wonderful post. Where else may just anybody get that type of info in such an ideal way of writing? I have a presentation subsequent week, and I am on the search for such info.

  1669. I will immediately seize your rss feed as I can not in finding your email subscription link or newsletter service. Do you ave any? Kindly permit me know so that I may subscribe. Thanks.

  1685. You can definitely see your expertise in the work you write. The arena hopes for more passionate writers like you who aren at afraid to mention how they believe. All the time go after your heart.

  1691. You, my pal, ROCK! I found exactly the information I already searched everywhere and simply could not find it. What a great web site.

  1706. Pretty nice post. I just stumbled upon your blog and wanted to say that I ave truly enjoyed browsing your blog posts. After all I will be subscribing to your feed and I hope you write again very soon!

  1751. This is very interesting, You are a very skilled blogger. I ave joined your rss feed and look forward to seeking more of your magnificent post. Also, I ave shared your web site in my social networks!

  1770. where to order cialis online
    [url=http://cialisambrx.com/#]generic cialis online[/url]
    get cialis presСЃriСЂtion and order cialis online
    buy cialis
    price comparison cialis 20mg

  1779. We stumbled over right here by a unique web page and believed I might check issues out. I like what I see so now i am following you. Look forward to locating out about your web page for a second time.

  1783. Normally I do not learn post on blogs, however I wish to say that this write-up very pressured me to take a look at and do it! Your writing style has been surprised me. Thanks, very great article.

  1784. Wow! This can be one particular of the most beneficial blogs We ave ever arrive across on this subject. Basically Excellent. I am also a specialist in this topic so I can understand your hard work.

  1829. I simply could not depart your website before suggesting that I really enjoyed the usual information a person supply to your visitors? Is going to be again regularly in order to check up on new posts.

  1853. You are my aspiration, I own few blogs and sometimes run out from post . Yet do I fear thy nature It is too full o a the milk of human kindness. by William Shakespeare.

  1923. This is really interesting, You are a very skilled blogger. I have joined your rss feed and look forward to seeking more of your fantastic post. Also, I ave shared your web site in my social networks!

  1989. You actually make it appear so easy together with your presentation however I find this matter to be actually one thing which
    I feel I might by no means understand. It seems too complex
    and extremely broad for me. I’m taking a look
    forward on your next post, I will try to get the hold of it!

  2003. ma per il cialis ci vuole la ricetta cialis cialis in uk online [url=http://cialisle.com]cialis prescription[/url] ’

  2022. Howdy I am so happy I found your weblog, I really found you by accident, while I was researching on Digg for something else, Regardless I am here now and would just like to say cheers
    for a tremendous post and a all round interesting blog
    (I also love the theme/design), I don’t have time to browse it all at the minute
    but I have book-marked it and also added your RSS feeds, so
    when I have time I will be back to read much more, Please
    do keep up the fantastic work.

Leave a Reply