Nearly 60 per cent of workers live paycheque to paycheque

Nearly as many don't participate in any retirement savings plans
|hrreporter.com|Last Updated: 11/06/2009

More than one-half of workers are having trouble making ends meet, according to a survey.

The CareerBuilder Canada survey of 570 workers found 57 per cent of them are living paycheque to paycheque just to make ends meet, up from 55 per cent in 2008.

The survey also found some workers are dipping into their long-term savings and 18 per cent have reduced their retirement contributions or personal savings in the last six months to get by.

But even more respondents, 56 per cent, don't participate in any retirement plans and 35 per cent said they don't put any money into savings each month. Just 25 per cent set aside $100 or less per month into savings and 13 per cent save less than $50.

"Workers are employing a variety of tactics to help make ends meet," said Rosemary Haefner, vice-president of human resources for CareerBuilder Canada.

"Whether it's by keeping a tighter budget, finding ways to bring in additional income or adjusting their savings strategies, workers are doing their best to weather the current economy."

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