Canadian Finances in 2013

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.

Author: Liquid Independence

Editor in Chief at Freedom 35 Blog.

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Mayor Kimble
Mayor Kimble
12/20/2013 1:38 pm

You don’t “buy RRSPs”, you purchase securities and hold them within a RRSP.

Here’s more advice:

The Asian Pear
The Asian Pear
12/20/2013 8:18 pm

Story of the day: I was talking to my co-worker and he told me he does not believe in RRSPs or TFSAs. I almost fainted!

save. spend. splurge.
12/22/2013 8:10 am

A friendly note that to be more accurate, you don’t actually “buy an RRSP”, you contribute to an RRSP plan.

You have to open an RRSP account at a bank, and then buy things like mutual funds under that plan.


It confuses a lot of people new to the PF game when you say “buy RRSPs” or “buy TFSAs”. You can’t actually buy them, it’s a plan you contribute to.