Canadians pay little attention to their payslips, showing an “alarming gap” in their understanding, a recent survey found.
According to the study, conducted by the Angus Reid Forum on behalf of Payments Canada, more than half (57%) of Canadians admit to paying little attention to their payslips, even though 50% of them check the amount deposited into their bank account.
The weather (46 percent) and social media (47 percent) concern the population more than the details of a paycheck, according to the results of the survey published on Tuesday. For example, 38% of them believe that “they are unlikely to notice a problem or error”.
“As employers use simpler and more convenient payment methods to pay their employees, many Canadians are silently struggling to decipher their payslip data and just hope there aren’t any errors,” said Kristina Logue, chief financial officer of Payments Canada.
The latter also believes that it is the duty of employers to help their employees better understand their payroll. When asked about this topic, 19% of respondents would like their boss to be more and proactive in helping them understand their payslip. However, almost three in five workers (58%) say they are generally satisfied.
Note that 88% of employed Canadians receive their salary via direct deposit, compared to 6% via paper check and 3% via electronic transfer.
The survey was conducted online between June 30 and July 6 of 1,503 full-time and part-time workers in Canada.