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Fewer Live Pay To Pay

Fewer employees are living pay cheque to pay cheque, says the Canadian Payroll Association’s national employee survey. Although 42 per cent would still be in financial difficulty if their pay was delayed by even a week, this is down from 47 per cent last year. But beyond this slight improvement, the financial health of many employed Canadians remains troubling. It shows there is a huge gap between how much money people say they will need to retire and how much they are actually saving for retirement. Fewer now feel that savings of $500,000 to $1 million will be sufficient (30 per cent this year, 34 per cent in 2012) while more think between $1 million and $2 million will be needed (35 per cent this year, 28 per cent last year). However, 73 per cent say they have put aside less than a quarter of what they'll need in retirement.

Courtesy of Benefits and Pensions Monitor website News Alerts

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