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.