Title:CPA 2010 national payroll week employee survey
Corporate Author: Framework Partners Inc.
Subject:Employment – general
Publisher:The Canadian Payroll Association
Place of Publication:Toronto
Date of Publication:2010
A major national survey of working Canadians shows that employees continue to live paycheque to paycheque. They are concerned about how interest rates and the economy will affect their personal finances and retirement. The 2nd annual National Payroll Week Employee Survey, conducted by the Canadian Payroll Association (CPA), found that: * The majority of Canadian workers continue to live paycheque to paycheque, with 59% saying they would be in financial difficulty if their paycheque was delayed by a week. * Sixty-two percent (62%) of respondents expect a salary increase but the the vast majority (83%) also expect their cost of living will increase in the next twelve months. * Almost half (47%) are saving only 5% or less of their net pay. Financial planning experts generally recommend a retirement savings rate of about 10% of net pay. * The overwhelming majority (81%) say their first priority if they were to win $1 million from a lottery, would be to pay off their debt. * While 59% feel the economy in their city or town will improve in the next year, this was down from 67% in 2009. Workers in Ontario, Quebec and the Atlantic provinces are less confident about their local economies. * Two in three working Canadians (69%) say it would be difficult to find comparable employment with a similar salary if they lost their job. * One quarter of employees (24%) like the electronic pay statements they receive from their employers; an increase of 11% from 2009. Ranking of Economic Issues by Canadians * First or most frequently mentioned concern: Higher interest rates * Second concern: Not being able to save enough to retire comfortably * Third concern: Inflation * Fourth concern: Falling back into a recession * Fifth concern: Loss of my job * Sixth concern: A decline in the value of my house