Nearly Half Of Canadians Living Paycheque To Paycheque

Higher living expenses and unexpected expenses cited

A survey by the Payroll Association of Canada has found 47 per cent of Canadians would find it difficult to meet their financial obligations if their pay was delayed for just a week. Thirty-five per cent said they’re feeling overwhelmed by their level of debt with mortgages the most difficult to pay down followed by credit card debt. Results from the poll indicate that the primary reason for increased debt is higher overall spending. Of the major reasons for increased spending, 32 per cent of respondents pointed to higher living expenses while 25 per cent mentioned unexpected expenses.