Canadians living pay cheque to pay cheque

Almost half of Canadians are living pay cheque to pay cheque, and residents of British Columbia are the most cash strapped in the country, according to a new survey from the Canadian Payroll Association.

The 8th annual research survey found almost half (48%) of Canadians say “it would be difficult to meet their financial obligations if their pay cheque was delayed by even a single week”.  The survey also found that “40% of employees say they spend all of or more than their net pay, and 47% are able to save just 5% or less of their earnings”.

In British Columbia, 53% say it would be difficult to meet their financial obligations if their pay cheque was delayed by a week.

Nationally, 24% say they probably couldn’t come up with $2,000 in the event of an emergency – compared to  27% in BC.

You can see the full report here, and find regional breakdowns here.