35 per cent of workers save nothing each month
TORONTO, Oct. 1 /CNW/ -- Feel like you have to really stretch your
paycheque to make ends meet? You are not alone. More than half of workers
(55 per cent) say they always or usually live paycheque to paycheque just to
make ends meet, a jump from 42 per cent since December 2006, according to a
country wide survey of over 500 workers by CareerBuilder.ca.
The struggle from pay period to pay period makes planning for the future
difficult. Thirty-five per cent of workers say they don't put any money aside
for savings each month. Moreover, 28 per cent of workers set aside less than
$100 a month for savings, and 17 per cent save $50 or less. Additionally, 60
per cent of workers say they do not participate in any kind of retirement
Nearly a quarter (24 per cent) of workers say they would need up to an
additional $250 to $500 per paycheque to live comfortably. One-in-five
workers say they have to work more than one job to keep up with monthly
Comparing gender, more female workers (61 per cent) say they always or
usually have to live paycheque to paycheque, compared to males (49 per cent).
More men (69 per cent) than women (61 per cent) say they save some portion of
their paycheque each month, while 74 per cent of women claim to have a set
budget, compared to 62 percent of men.
"More than two-thirds of workers say they have a set budget each pay
period, although 24 per cent admit to typically going over it," said Remy
Piazza, Managing Director of CareerBuilder Canada. "Just like in business,
going over a budget can have negative consequences on the bottom line. Workers
who are facing challenges in this area may want to reevaluate where their
funds are being allocated, so they can identify opportunities to reprioritize,
recoup savings and lighten their financial burden."
Piazza offers the following tips for putting extra cash in your pocket:
Consider meeting with a financial planner -- having a certified, outside
pair of eyes looking at your financial situation may unlock additional areas
Take advantage of all the benefits offered to you -- more companies are
offering flexible spending accounts, wellness benefits, company discounts,
etc. Talk to your HR department and see what is available to help save money
on your monthly expenses.
Look at your commute -- workers say one of the biggest money drains on
them each month is their car. With gas prices as high as they are and the
exuberant cost of parking your car in the city, it may be time to look into
alternative modes of transportation.
Could your paycheque be bigger? - Seventy per cent of hiring managers
expected to provide an increase in salaries for full-time, permanent employees
in the third quarter of 2008. Now may be the time to approach your boss and
negotiate a higher salary.
This survey was conducted online within Canada by Harris Interactive on
behalf of CareerBuilder.com among 225 hiring managers and human resource
professionals (employed full-time; not self-employed; with at least
significant involvement in hiring decisions); and 532 Canada employees
(employed full-time; not self-employed) ages 18 and over between May 22 and
June 13, 2008, respectively (percentages for some questions are based on a
subset US Employers or Employees, based on their responses to certain
questions). With a pure probability sample of 225 and 549 one could say with a
95 percent probability that the overall results have a sampling error of +/-
6.53 percentage points and +/- 4.25 percentage points, respectively. Sampling
error for data from sub-samples is higher and varies.
CareerBuilder is a leading job site in Canada. Owned by Gannett Co.,
Inc. (NYSE: GCI), the Tribune Company, The McClatchy Company (NYSE: MNI) and
Microsoft Corp. (NASDAQ: MSFT), CareerBuilder.ca powers the career centers for
more than 120 Canadian partners that reach national, local, industry and niche
audiences. These include leading portals such as AOL Canada and Mcleans.ca.
Job seekers visit CareerBuilder.ca every month to search for opportunities by
industry, location, company and job type, sign up for automatic e-mail job
alerts, and get advice on job hunting and career management. For more
information about CareerBuilder.ca products and services, visit
+1 773 527 3637
For further information:
For further information: Michael Erwin of CareerBuilder.ca,
+1-773-527-3637, Michael.Erwin@careerbuilder.com Web Site: