Canadians Need 33 Percent Less Pay than Americans to Feel Rich: ADP Payday Poll
The Feel-Rich Tipping Point for Canadians: $296,000
Toronto, ON, September 8, 2008 – Americans say they would need to earn an average salary of $440,000 per year to feel rich, while higher-taxed Canadians feel they could live it up for two-thirds that amount ($296,000), according to the fifth annual ADP Payday Poll. The poll also revealed that more than one third (36%) of Canadians don’t even know their annual take-home pay, perhaps explaining our population’s more laid-back wealth aspirations.
”While some people think that Canadians and Americans are similar, our feel-rich tipping points tell a different story,” said Laura Ramsay, Director, Marketing, ADP Canada.
Richer Than Our Parents
A slim majority (54%) of Canadians say they are now richer than their parents were at the same age, but this number has declined since 2005, when six in ten (59%) Canadians said they were richer than their parents. Results vary by region:
- A 20 percent gap separates the regions that feel richest from those that feel poorest: Atlantic Canadians (69%) and Albertans (68%) are the most likely to say they are richer than their parents were, while only 47 percent of Quebecers say the same.
- Out of all the regions, Ontarians are most likely (20%) to say that they are poorer than their parents were at the same stage of life, with Quebeckers (18%) and those from BC (18%) close behind.
Honesty is the Best Policy
Regardless of wealth aspirations, the majority of Canadians take a decidedly honest approach when it comes to being paid, according to the ADP Payday Poll. Almost nine in ten Canadians (88%) would tell their employer if they were mistakenly overpaid by 50 percent. That number drops only slightly if they were overpaid by 25 percent, (87% would come clean) or even 10 percent (81% would still ‘fess up). There are, however, some notable differences:
- Atlantic Canadians seem to be the most honest Canadians: fully 95 percent would come forward if overpaid.
- Young adults 18-29 are the least likely to report being overpaid: 24 percent say they would not report a major overage on their paycheque, though this age group is also the least likely to know their annual take-home pay (35% versus the national average of 58%)
“The one in five Canadians who have their paycheque processed by ADP Canada never have to deal with an honesty dilemma, because we get it right and on time, every time,” said Ramsay. “That’s why organizations of all sizes leave payday to ADP.”
If a co-worker’s paycheque was lying open on his or her desk and no one was around, fewer than one quarter of Canadians (23%) would sneak a peek, and once again, Atlantic Canadians are most likely to do the right thing (just 14% would look). Interestingly, high earners of $100,000 and up are much more likely (26%) to sneak a peek at a colleague’s paycheque than those earning under $15,000 (18%).
Canadians’ honest approach to payday continues when it comes to reporting the size of their paycheque. If they found themselves in a situation where they were about to disclose their salary, three quarters of Canadians (76%) would tell a friend the truth. This number declines slightly in situations involving a future employer (72%) and a colleague (70%). Thirteen percent admit they would overstate their salary to a future employer.
Your money or your love?
Canadians are discreet about their love lives but the size of their paycheque has become fair game. According to the ADP Payday Poll, more than half of all Canadians (52%) would discuss how much money they make but only 21 percent would dish out the intimate details of their love lives.
“Canadians still believe that what happens in the bedroom stays in the bedroom, but what’s printed on their paystub may no longer be taboo,” said Ramsay. ”Revealing the details of your paycheque is a personal choice. Companies that outsource their payroll to a third party enjoy the benefit of knowing personal employee information is kept confidential.”
September 12th is ADP Payroll Appreciation Day
While everyone loves payday, few people think about the hardworking professionals who make it happen. That’s why ADP has designated September 12th, 2008 as the fifth annual ADP Payroll Appreciation Day. Each week, payroll professionals across the country ensure Canadians are paid on time, every time.
The ADP Payday Poll coincides with the Canadian Payroll Association’s National Payroll Week, September 8 – 12, 2008.
Attention editors: Regional polling data available upon request.
About ADP Canada
ADP Canada Employer Services (ADP) is the country's leading provider of integrated business solutions that help its 50,000 clients increase productivity, ensure regulatory compliance, improve employee retention, and control costs. ADP's offerings include traditional, Web-based and comprehensive outsourcing products and services such as payroll, human resources management, time and labour management, occupational health and safety, and consulting services. ADP pays one in five Canadians. For more information about ADP call 1-866-228-9675 or visit www.adp.ca
About the survey
Canadian results: A total of 1005 respondents were interviewed by telephone during the period: August 6th – 10th, 2008. The margin of error is +/-3.1% at 95%. Margins of error will be higher when looking at smaller sample sizes.USA results (Continental USA Only):A total of 1024 respondents were interviewed by telephone during the period: August 7th – 10th, 2008.The margin of error is +/-3.1% at 95%. Margins of error will be higher when looking at smaller sample sizes.
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Meredith Adolph
Don Blair
Environics Communications
Environics Communications
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