Poll: Majority of Canadians live paycheque to paycheque

A new survey by the Canadian Payroll Association says nearly 60 per cent of Canadians are living paycheque to paycheque and they would be in trouble if one paycheque were to come one week later.

With most Canadians in debt, according to a Globe and Mail report, living expenses going up and salaries remaining stagnant; it is no surprise that a lot of people need every single paycheque, however -- a new survey suggests that majority of Canadians live paycheque to paycheque, reports The Canadian Press. What is even more frightening is that most of those surveyed have little ability to save money for their retirement. Of all respondents, 45 per cent of the 18-to-34 demographic said it would be difficult if they were to miss one paycheque. Furthermore, 72 per cent of single parents said missing one paycheque would cause disastrous financial problems to their lives. The survey also shows that half of Canadians cannot save more than five per cent for their savings and investments. One-third of participants said they are at least trying to save more money than last year because of the economic downturn, but can’t. President and CEO of the Canadian Payroll Association Patrick Culhane said, “We were surprised that people were that close to the line.” Fifty-two per cent of respondents believe they have to have between $750,000 and $3,000,000 in order to live comfortably in retirement. The online survey was conducted with 2,800 employees and has a margin of error of +/- 2.3 per cent.