A majority of Canadians say they’re not better off financially than they were a year ago, according to a survey.
The Sun Life Financial/Ipsos Reid survey finds that 57% of Canadians aren’t in better financial shape. The sentiment is even stronger for women and seniors (age 55 and older), with 61% saying they aren’t better off financially than this time last year.
“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,” says Kevin Dougherty, president of Sun Life Financial Canada.
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%).
- Albertans are most likely to say they feel financially better off than they were last year (47%), followed by Saskatchewanians and Manitobans (45%) and Atlantic Canadians (43%).
- Atlantic Canadians are the least likely to make RRSP contributions; 67% said they do not make regular or monthly contributions. British Columbians followed at 64%.
The survey provided some insights into the minority (38%) of Canadians who said they were better off financially than a year ago.
Of the respondents in this smaller group, 65% paid down household debt this year, and 50% said they make lump-sum contributions and/or regular monthly contributions to their RRSP.