Survey finds more than half of Canadians are not better off financially than last year
One-in-three Canadians make a contribution to their RRSP
TORONTO, Dec. 16, 2013 /CNW/ - According to a Sun Life Financial/Ipsos Reid survey released today, 57 per cent of Canadians are not better off financially than they were a year ago. The sentiment is even stronger for women and seniors (aged 55 and older), with 61 per cent saying they aren't better off financially than this time last year.
Sun Life Financial's Annual Check-Up Survey asked Canadians about their personal finances, retirement planning and the economy as the year draws to a close. As the finance ministers meet at Meech Lake to discuss pension-related issues, the survey also revealed that only 36 per cent of Canadians make a contribution to their RRSP.
"It's concerning that a majority of Canadians aren't feeling better off financially than they were last year - as we head into a holiday season where we tend to spend more and save less," said Kevin Dougherty, President, Sun Life Financial Canada. "Canadians can take steps toward feeling better by putting a financial plan in writing - and perhaps consider it as a new year's resolution."
The survey provided some insights into the minority of Canadians (38 per cent) who said they were better off financially than a year ago. Of the respondents in this smaller group, 65 per cent paid down household debt this year and 50 per cent said they make lump sum contributions and/or regular monthly contributions to their RRSP.
The survey results also revealed some regional differences:
- Quebecers are least likely to say they feel financially better off than they were last year (63 per cent).
- Albertans are most likely to say they feel financially better off than they were last year (47 per cent), followed by Saskatchewan and Manitoba (45 per cent) and Atlantic Canadians (43 per cent).
- Atlantic Canadians are the least likely to make RRSP contributions; 67 per cent said they do not make regular or monthly contributions. British Columbians followed at 64 per cent.
Here are some tips for Canadians to consider when making a new year's resolution about their finances:
- Build a financial plan.
- Pay down household debt - the survey found that only 48 per cent of Canadians paid down debt in 2013.
- Make a contribution to your RRSP.
- Meet with an advisor to get some advice.
- Look into pension plan options.
This month, the Quebec government passed a bill to support a Voluntary Retirement Savings Plan, marking a significant step toward meeting a critical need in saving for retirement. Sun Life Financial welcomes this development and, outside of Quebec, believes a Pooled Registered Pension Plan will address the concerns of millions of working Canadians who do not have workplace retirement savings plans.
These are some of the findings of an Ipsos Reid poll conducted between November 25th and November 29th, 2013, on behalf of Sun Life Financial. For this survey, a sample of 1,234 adult Canadians from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/-3.2% percentage points had all Canadian adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Sun Life Financial and its partners have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2013 the Sun Life Financial group of companies had total assets under management of $590 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
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