Survey Says Saving Is Harder Than Ever

As has been extensively discussed on the Synergy Merchant Services Blog recently, there are a number of surveys that have been conducted over the past several months trying to determine the type of impact the recession has had on Canadians. Without question, employment loss ranks as one of the most severe ramifications of the nation's financial crisis.

On the other hand, some other surveys have determined that the economy is nearing a comeback to a more prosperous status. Meanwhile, there are still reports being released that detail Canada's sinking into further debt. Who and what are we to believe?

No matter what surveys say – especially when you consider that they are based on responses by a very small part of the population – one thing is for sure. The recession is hitting Canadians hard. No proof is greater than the fact that while many are losing jobs, so many others are unable to afford their everyday living requirements with the income that they are currently generating.

Earlier today, business reporter Madhavi Acharya-Tom Yew revealed the results of yet another survey. Conducted by the Canadian Payroll Association, the survey found that “nearly two-thirds of Canadian workers say they would have trouble making ends meet if their paycheque was delayed by even one week.”

Living paycheque to paycheque – a life status that no one wishes for – seems to be the norm amongst the majority of Canadian workers today. Clearly, the recession is not over yet.

Janice MacLellan, chair of the Canadian Payroll Association had this to say: “We were shocked by that number. So many Canadians are now living so close to the line that, if they miss a single paycheque, a majority will find themselves in financial difficulty.”

Acharya-Tom Yew notes that younger workers seem to feel the pinch of the recession the worst with 45 per cent of workers aged 18 to 34 remarking that “it would be difficult for them to meet their financial obligations if a paycheque were delayed.” An incredible 72 per cent of single parents feel the same way, according to the survey.

The sad bottom line revealed by the results of this survey is that Canadians have been attempting to save more money now than in years past. The only problem is that most have been unsuccessful in doing so.