An online study by Ipsos Reid for Sun Life Financial interviewed 1,239 Canadians last month about their financial situation this year.
The survey found that overall 57% of Canadians felt they were not any better off than they were a year ago. A disproportionate amount of women and those aged 55 and older (61%) felt this way. Only 28% of those surveyed however did say their finances had improved compared to last year 🙂
Across the country Albertans were not surprisingly most likely to have improved their financial situation, followed by those in Saskatchewan and Manitoba. People in Quebec were least likely, with 63% saying their financial position was no better than a year ago.
“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. Canadians can take steps toward feeling better by putting a financial plan in writing and perhaps consider it as a new year’s resolution.” -Sun Life president Kevin Dougherty.
It appears that most Canadians need to take their personal finances more seriously 😕 The survey found that only 36% of Canadians contribute to an RRSP, but for those who felt their financial situation had improved, the RRSP participation rate jumps to 50%.
Tip of the day: To better your chances of improving your financial situation,
buy contribute to RRSPs 🙂 Also, TFSAs are really good too, often better than RRSPs actually.