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.