CBC News: 59% of Canadians live payday to payday

[marmar]

....but at least they can live without worrying that lack of health insurance will take them totally underwater.



59% of Canadians live payday to payday
Last Updated: Monday, September 14, 2009 | 2:18 PM ET

CBC News


Nearly 60 percent of Canadians would have trouble paying the bills if their paycheque were delayed by one week, a nationwide survey suggests.

The Canadian Payroll Association survey released Monday found that not only were 59 per cent of respondents living paycheque to paycheque, but they had little ability to put money away for their retirement.

"We were shocked by that number," CPA chairman Janice MacLellan said. "So many Canadians are now living so close to the line that if they miss a single paycheque, the majority will find themselves in financial difficulty."

Financial experts recommend that people should have emergency funds to cover about three months of expenses, such as rent, mortgage, utilities, other bill payments and groceries.

Of those surveyed, the younger workforce said they felt the greatest pinch. Forty-five per cent of people aged 18 to 34 said it would be difficult or very difficult to make ends meet if a paycheque were delayed, with a further 21 per cent saying it would be somewhat difficult. ..........(more)

The complete piece is at: http://www.cbc.ca/consumer/story/2009/09/14/payday-to-payday-problems.html

[hfojvt]

1. that's pretty amazing

but what is the number in the United States?

[marmar]

2. I would imagine similar......if not higher.

nt

[TrogL]

3. Bear in mind that Canada has a national Pension Plan

...not that I'd want to try and live on it.

I'd love to have a bunch of money socked away, but if the car needs fixing, it needs fixing.

[stray cat]

4. Is it anymore than social security here?

[TrogL]

6. Probably not

[JonQ]

5. What does their unemployment rate look like?

[harkadog]

7. 8.7% Just behind ours

http://www.statcan.gc.ca/subjects-sujets/labour-travail/lfs-epa/lfs-epa-eng.htm

[JonQ]

8. Thanks

[FormerDittoHead]

9. Oh my GOD! If they lost their jobs then they could lose everything if they got SICK!

Oh wait. That's here. Nevermind.

Two last things:

1) This doesn't say what their DEBT is. I'm thinking Americans have average greater personal debt?

2) The total population of Canada is lower than California. Things may vary.

[ThomWV]

10. Now we see why Pay-day-loans seem so appealing - what else you going to do?

because there comes a day for everyone when there is that pay check interuption.