Over half of working Canadians say they don’t have the money to manage if their pay were delayed by just one week.
Photo Credit: CBC

Over half of working Canadians live pay to pay

More Canadian workers are saving less money than they should, are planning a later retirement and would be unable to meet an unexpected expense of $2,000, according to a new survey.

Things are getting tougher for employees, says the Canadian Payroll Association, noting that 51 per cent of respondents said they would find it tough to meet their financial obligations if their paycheque were delayed by just one week. That was up from an average 49 per cent over the last three years.

The figure is even higher for those aged 19 to 29 at 63 per cent. Young people are having more than average trouble finding work.

Saving ten per cent of their pay is recommended by financial planners, but more than half of respondents said they were saving five per cent or less.  79 per cent expected to delay retirement until age 60 or later, up from an average 70 per cent.

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