Canadian workers and retirees experienced last year's recession very differently. According to the results of Desjardins Financial Security's 2009 Rethink Retirement survey, two in five retirees say their financial situation deteriorated in 2009, compared to three in ten workers. Even more striking is the fact that more than 26 percent of workers said that things improved, compared to eight percent of retirees.

What caused retirees' financial situation to deteriorate? More than one in four respondents cited stock market losses and a higher cost of living. When it came to workers, women were more likely to mention job losses than men.

Despite the recession, close to one in five workers surveyed reported that their income went up due to raises, overtime, or better jobs, while fewer than one in ten retirees could claim the same.

Is paying off debts the key to staying afloat? Twenty six percent of workers aged 40 and over paid off their debts, while this number was 18 percent for all workers.

Seven in ten retirees stated that because of the deterioration in their financial situation, they are just barely covering their expenses.