Canadians who save through payroll deduction in the workplace save more than those who use other methods, according to a study commissioned by Canada Investment and Savings.

CI&S is a special operating agency of the Department of Finance Canada, and is responsible for Canada Savings Bonds.

The study alsp shows that 13% — representing over 4 million Canadians — report that they do not save anything at all.

“A third of Canadians report that an automatic deduction plan is the most important method of saving,” said Louise Montague of CI&S, in a release.

The study, conducted annually to explore the savings habits and goals of Canadians, also found that Canadians continue to take a cautious approach to saving and investing. Canadians are twice as likely to describe themselves as conservative investors than aggressive investors. Security of savings remains the most important factor when making decisions about savings and investment products.

“These findings are consistent with the growing appeal of the CSB Payroll Savings Program, which currently has on board 12,000 public and private sector organizations across Canada,” said Montague.

The study shows that about two thirds of payroll participants save more than 5% of their income annually, while only slightly more than half of the general population are reaching that level of savings.

With respect to savings priorities, paying down debt is the number one short-term priority for 36% of Canadians, while 19% report their number one priority is saving for long-term objectives like retirement or education, and 30% list saving for travel or major purchases as their priority.

The research results were gathered through 1,000 telephone interviews conducted across Canada in September 2005. The margin of error is +/- 3.1% 19 times out of 20.

The 2005-2006 Canada Savings Bonds sales campaign began on October 3, 2005 and runs until April 1, 2006.