According to a survey by the Canadian Payroll Association on financial health of Canada’s workers, a vast majority of Canadians are living paycheque to paycheque, i.e. they would be in trouble if any month’s pay were delayed by even a week. Out of the total respondents, 57 % expressed difficulty in managing their finances if their pay were delayed by a week; 63 per cent aged 18 to 34 reported the same difficulty compared to 74 per cent single parents. The CPA reported low savings as the main reason for this. The Canadian Payroll Association also found that 40 per cent Canadians postponed their retirement time, as they were not saving enough. The highest percentage (64%) of those who lived ‘close to the line’ are from Atlantic Canada and 60 per cent are from Ontario. The CPA remarked that slower recovery since the last recession could be the possible cause for this.
The CPA chairman, Dianne Winsor expressed her concern over the fact that 71 per cent over the age of 35 are struggling with their finances with their main saving years between 35 and 54.
If you are also one among those who are living ‘close to the line’, Debtmanagers may be able to help you. DebtManagers, one of the largest organizations for credit counselling in Canada, can help you to improve your financial situation. Our expert debt consultants can work with to find a way for you to become debt free in less time than you expected.
((Source – http://www.theglobeandmail.com/globe-investor/personal-finance/most-workers-living-close-to-the-line-survey/article2157089/
Paragraph – “The regions with the highest percentages of people living paycheque to paycheque were Atlantic Canada, at 64 per cent, and Ontario, at 60 per cent, which the CPA said could be the result of their slower recovery since the last recession.”))