Sep 2010 13

Canadians Worried About Financial Safety

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Safe by Rob Pongsajapan Safe by Rob Pongsajapan

According to the brand new survey from the Canadian Payroll Association's National Payroll Week Employee Survey, which polled 2,766 employees, Canadians feel more pessimistic about their financial situation than they did during the climax of recession back in 2009.

Almost half of our nation saves only 5% or less of their net income, while the usually recommended level of regular savings should reach at least 10% of income. Young workers (18 to 34 years) represent the most troubled social group; 65% of young workers say even a single missed paycheck would cause them difficulties in meeting their regular expenses. 59% of Canadians of all ages have the same problem.

Similarly, 59% of Canadians believe local economic conditions will improve next year; in 2009 three quarters of respondents were optimistic. As noted by Patrick Culhane, president and CEO of the CPA: "We're surprised by the drop in optimism because last year's survey was in the middle of the recession."

Higher interest rates were number one cause for financial concerns, followed by insufficient retirement savings, inflation and repeated recession.

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