Monday, April 21, 2014

Most not better off financially

TORONTO—Sun Life Financial says 2013 wasn’t a great year financially for most Canadians.
An Ipsos Reid survey conducted in November for Sun Life found overall that 57 percent of Canadians felt they were not any better off financially than they were a year ago.

Those feelings were even stronger among women and those aged 55 and older, with 61 percent of both groups saying their financial position had not improved year over year.
On the flip side, 38 percent of those surveyed did say their finances had improved compared with a year ago.
Albertans were most likely to say they felt better off, at 47 percent, followed by those in Saskatchewan and Manitoba (45 percent) and Atlantic Canadians (43 percent).
Quebecers were least likely, with 63 percent 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,” Sun Life president Kevin Dougherty said of the results.
“Canadians can take steps toward feeling better by putting a financial plan in writing and perhaps consider it as a new year’s resolution,” he added.
As it is, the survey found only 36 percent of Canadians contribute to an RRSP, although that number rose to 50 percent among those who felt their financial situation had improved.
The Ipsos Reid survey interviewed 1,239 Canadians online from Nov. 25-29.

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