Majority of Canadian are feel they are strapped for cash and unable to save as much money as they would like to according to recent information from a survey.
This number is nearly 2/3 of Canadian workers who are saying that they would have trouble making ends meet if their paycheques were not delivered on time, by even a week. The survey was conducted by the Canadian Payroll Association.
It was shocking news for Janie MacLellan, chair of the Canadian Payroll Association to find that so many Canadians are living on the edge that is a single paycheque is missed, the majority will find themselves in financial trouble.
Among these numbers, 45% are younger workers in the ages of 18 – 34; they are saying that it would be difficult to meet their financial obligations if a paycheque were delayed.
72% of single parents agreed that they would too have trouble making ends meet if their pay were delayed.
To some it is no surprise, such as Patricia Lovett-Reid, senior vice president at TD Waterhouse.
Hopefully with the recent economic news, people will begin to feel better about their jobs. The poll also found that 1/3 of Canadian have been trying to save more money for more than a year because of the economic uncertainty however they have been unable to do so.
There is another 42% who say they are not even trying to save additional funds and about half say that they are unable to save more than 5% of their net pay for retirement.
More than 2,800 employees across the country participated in this survey, and the number are grim.
Hopefully with the recent news about the Canadian and Global economy we see this change in the months to come.