Majority (57%) of Canadians Are Not Better Off Financially Than Last Year
Majority (57%) of Canadians indicate that they are not better off financially than they were a year ago, which is significantly higher than the two in five (38%) who believe they're better off now than in 2012 and the 5% who aren't sure.
The data also reveal several key demographic differences when it comes to Canadians and assessment of their personal financial situation over the last year:
- Women (61%) are more likely than men (53%) to say they're not better off financially in 2013
- Canadian seniors (61%, ages 55+) are most likely to believe that 2013 has been worse for them financially than last year, compared to middle-aged (58%, ages 35-54) and younger (50%, ages 18-34) Canadians
- Quebecers (63%) are most likely to indicate that they are feeling worse off financially compared to last year, compared to Albertans (47%), residents of Saskatchewan and Manitoba (45%), and Atlantic Canadians (43%) who are most likely to believe that they're off now than last year
- Those who indicate that they're better off financially this year are significantly more likely to have paid down household debt in 2013 (65% vs. 39% not better off/don't know)
Most Not Contributing to RRSPs...
With most Canadians revealing a less than optimistic outlook over the year past when it comes to their finances, a majority don't appear to be making contributions to important investments, notably their RRSP.
Just over one in three (36%) Canadians indicate making some form of contribution to their RRSP, with one in five (18%) making regular monthly contributions in advance of the RRSP deadline and one in ten (12%) making one lump sum before the deadline, with 6% of Canadians doing both. A majority (58%) of Canadians make neither type of contribution, while one in ten (7%) don't know if they make one.
- Atlantic Canadians (67%) are least likely to make any contributions to their RRSP, slightly ahead of British Columbians (64%) and noticeably ahead of Quebecers (59%), Ontarians (56%), residents of Saskatchewan and Manitoba (51%), and Albertans (48%)
- Half (50%) of Canadians identifying as having had a better year financially in 2013 than 2012 contribute to their RRSPs, nearly twice as likely as those who say they're not better off or don't know (27%)
These are some of the findings of an Ipsos Reid poll conducted between November 25th to 29th, 2013 on behalf of Sun Life Financial. For this survey, a sample of 1,234 Canadians from Ipsos' Canadian online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 3.2 percentage points had all Canadians adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Sean Simpson
Vice President
Ipsos Reid Public Affairs
416.572.4474
[email protected]
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
About Ipsos
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. In October 2011 Ipsos completed the acquisition of Synovate. The combination forms the world's third largest market research company.
With offices in 85 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,789 billion (2.300 billion USD) in 2012.
