Primerica Canada recently conducted a study of 837 Canadians with an income between $30,000 and $100,000 and discovered that 75% felt their income was not enough to maintain their cost of living. Of those surveyed, 71% did not believe they were saving enough for a comfortable retirement, and yet there was an overall positivity among respondents concerning their personal finances.
“I am amazed by the resiliency of Canadians in the face of some tough economic conditions,” said John A. Adams, CEO of Primerica Canada. “Our study finds that nearly one-in-three families improved their financial situation over the past year, and nearly half feel they will be better off a year from now than they are today. But we also see that many families are having a tough time financially. No matter the situation, Primerica’s representatives stand ready to help people with the education and resources they need to help them build a more secure financial future.”
Key takeaways from the study include:
- 40% of 18–34-year-olds and 28% of those ages 65+ say they are better off financially now than last year
- 42% of families say they don’t have an emergency fund of $1,000 or more
- 69% of families have a savings account, 34% have a life insurance policy provided through work and 33% have a life insurance policy purchased outside of work
- 34% say saving for retirement is of great concern, while 29% are concerned with making rent or mortgage payments
- 26% of families have added to their savings in the last year and 19% have created and followed a budget