WINNIPEG – Close to half of working Canadians are living pay cheque to pay cheque.
A Canadian Payroll Association survey found 48 per cent said they rely on each payday to cover their bills. If their pay cheque were delayed by just a week, they wouldn’t be able to meet their financial obligations.
The CPA’s Patricia Jordan tells 680 CJOB says saving is not an option.
“They know, they’ve heard the standard line from financial advisors that it’s smart to save 10 per cent of your pay. But more than half are not able to save more than five per cent,” she said.
Thirty-nine per cent admitting they’re “overwhelmed” by their debt and 75% don’t think they’ll be able to retire until at least 60.
But despite financial woes, only 28 per cent of respondents say a higher salary is their top priority.
About half say they value a better work-life balance and healthy work environment more.