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Majority of Canadian employees living paycheck to paycheck, survey shows
Nearly 60 percent of Canadians would have trouble paying the bills if their paycheck was delayed by one week, a new polls suggests.
The Canadian Payroll Association survey says not only are the majority of Canadians living paycheck-to-paycheck, but they have little ability to put money away for their retirement. The survey, released Monday, said 59 percent of Canadians would have trouble making ends meet if they missed a paycheck.
"We were surprised that people were that close to the line," said Patrick Culhane, president and CEO of the not-for-profit association.
Culhane said those results are despite the common advice from financial planners that people should set aside three months of expenses for such items as rent, groceries and monthly bills, in case of an emergency.
Of those surveyed, the younger workforce felt the greatest pinch. The survey said 45 percent of people aged 18-to-34 would be difficult or very difficult to make ends meet if a paycheck were delayed. Another 21 percent in that age group said it would be somewhat difficult.