47% of workers living paycheque to paycheque

Sep 06 16:09 2017 Print This Article

TORONTO — A new survey by the Canadian Payroll Association suggests nearly half of workers are living paycheque to paycheque due to soaring spending and debt levels.

The poll found that 47 per cent of respondents said it would be difficult to meet their financial obligations if their paycheque was delayed by even a single week.

The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5, also found that 35 per cent said they feel overwhelmed by their level of debt.

For the first time in the survey’s nine-year history, more respondents found mortgages on principal residences the most difficult debt to pay down, with 32 per cent of respondents selecting this option compared to 23 per cent who cited credit card debt.

Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses.

Read More

About Article Author

Money Sense

MoneySense is a Canadian personal finance and lifestyle magazine published by Rogers Publishing Limited, a division of Rogers Communications.Written for Canadians who want to take financial control of their lives, MoneySense is Canada's best-selling investment and lifestyle magazine, helping readers make smart, informed decisions about how to get the most from their money. The magazine has received many awards, including multiple National Magazine Awards and CFA Society Toronto Awards.

Related Items

Market has you on edge? Sit tight with the ‘CATS’

(Flickr) The markets caught a bout of volatility in the last two weeks.  A sudden downdraft led to breathless headlines of impending doom followed by a bounce back. Overall, stocks have been on a long bull run since the U.S. market bottomed in 2009.  But the aging bull market comes with lofty v ...

How safe are my retirement savings if the bank fails

(Flickr) I am considering retiring early (at 55) and based on advice from my financial planner, I can rather easily do so, primarily based on our assets, lack of any debt, and my wife’s existing defined benefit pension plan.  He suggests converting my pension and RRSP holdings into a RRIF. My ...

Curb the enthusiasm

It was a bust. Of course. When it comes to being pissed about unaffordable houses, it’s a lot easier to Tweet than it is to show up and, like, wave a sign. So a protest in Vancouver expected to “draw thousands” this weekend attracted about two hundred, at least half of them organizers. Inclu ...