The Canadian Payroll Association’s latest survey shows that 47% of Canadians say it would be difficult to meet their financial obligations if their paycheck was delayed by even a single week.
The number is even higher for BC residents – 59% live pay cheque to pay cheque, more than anywhere else in Canada.
The survey also shows that 41% of employees nationally, and 49% in B.C spend all of or more than their net pay. The number one reason given for increased spending is higher living costs. Forty-two per cent of survey respondents (and 46% in B.C.) said they save 5% or less of their earnings, below the 10% savings level generally recommended by financial planning experts.
Illustrating just how strapped some employees are, 22% (nearly 1 in 4) say they could not come up with just $2,000 within a month for an emergency expense. Twenty-six percent of B.C. employees would struggle to come up with $2,000.
This is the 9th annual survey by the CPA. You can access the full report and other documents here.