Many working Canadians do not feel well-equipped in understanding their pay statements.
According to a poll commissioned by Payments Canada, 38 per cent of respondents think it is unlikely they would catch a discrepancy on their pay statements.
The study also reveals that almost half of the people surveyed pay more attention to their social media channels than pay details.
Kristina Logue, chief financial officer of Payments Canada, says paper cheques are becoming more obsolete and most Canadian are being paid electronically.
“While employers are leveraging payment channels that offer more convenience and ease in how employees receive their paycheques, many Canadians are silently struggling to decipher their pay details and are taking a 'hope for the best' approach to accuracy,” says Logue in a statement.
The online study was conducted by Angus Reid from June 30 to July 6 2022 and had a sample size of 1,503 full-time and part-time employed Canadians.
It found that nearly half of the group (46 per cent) said they pay more attention to checking the weather than they do their pay statements.
Many people said reviewing their employee payment information is intimidating (35 per cent), but asking their employer to explain their pay is uncomfortable or embarrassing (23 per cent).
"This points to a huge opportunity for employers to help employees navigate and better understand the anatomy of their paycheque,” says Logue.
The study also found that 50 per cent of Canadians check the amount that hits their bank account, but not the pay statement details around their income and deductions.
