Are you contributing enough to your savings?

A new survey suggests that while more Canadians are putting money away, nearly half are still living paycheque to paycheque.

The Canadian Payroll Association asked 3,500 employees across Canada about their saving habits and found that 47 per cent said they would be in "dire financial straits" if their paycheques were delayed by even one week.

Despite that, the CPA did say that last year 57 per cent of survey respondents said they were living close to the edge financially, and that this year's number is significantly lower. And while 40 per cent of respondents last year said they were trying to save more, the number jumped to 66 per cent this year.

The survey results come as the Bank of Canada warns that the average Canadian now carries $26,000 in debt excluding mortgages. The bank said earlier this week it will keep the benchmark interest rate at one per cent.

Many Canadians are changing their expectations of retirement savings, with 41 per cent saying they expect to work longer to save money, by five years or more on average. And 73 per cent say they have saved less than a quarter of what they want to accumulate.

What do you think? How do you manage your savings?