Nearly half of Canadians pay more attention to the weather than payday
For many Canadians, the best day of the week is when that money arrives in a bank account, but according to a recent study, people don’t bother checking their checks.
In an online study conducted by Ketchum on behalf of Payments Canada, from June 30 to July 6, 2022, 1,503 full-time and part-time Canadians were asked about their salary statements. their.
The results include:
- 46% of working Canadians pay more attention to the weather than their pay reports
- 38% are not able to spot employer wage disparities
- 35% find it difficult to review their payment information
- 34% focus on payment details only when it’s time to pay taxes
- 23% would feel uncomfortable asking their employer to explain income deduction details on their pay statement
“With an estimated $971 billion in wages and benefits annually paid to Canadians and a complex and evolving array of deductions, occasional errors and discrepancies are inevitable,” said one. A press release from Payments Canada states.
According to a new study commissioned by Payments Canada, many working Canadians feel ill-equipped to make sense of their pay statements with 38% saying it’s “unlikely they’ll spot any”. What’s the difference?”
CRA says it has $1.4 billion in unwashed checks since 1998
According to Kristina Logue, Chief Financial Officer of Payments Canada, the survey is really about understanding how Canadians handle their paychecks.
“The aim behind the research is really to explore the sentiments of working Canadians and how their understanding of pay and how modernizing payments could improve,” says Logue. that understanding and experience.
Loque says going digital has made it easier to see if you’ve been paid, instead of checking the tiny details of your payment.
“Our bank accounts are now direct deposit, really safe, really fast, really efficient,” she explains. “There’s no need to go check your pay stubs because you just look at your bank account and it’s there.”
Going forward, she says, research and information on payment statements is the best way for people to make sure their payments are made correctly.
Canadian Blood Services negotiates with companies to pay for donor plasma as supply drops
“Working Canadians (often) don’t know what to look for on their payslips. So that ignorance is really driving, in my view, why don’t we take the time to look at these payrolls.”
Logue argues that being transparent and helping Canadians understand what goes on their payroll is up to employers.
“I think there’s a really big opportunity here as our payments system modernizes and evolves to offer solutions that help employees and employers work together so that data flows. Go more seamlessly with payments,” says Logue.
Tips for teaching kids to be money conscious
© 2022 Global News, a division of Corus Entertainment Inc.