It's Official, 50% Of Canadians Are Now Living Paycheque To Paycheque
Welcome to a world of suck.
If you've ever struggled financially or if you've been living paycheck to paycheck, you can at least take comfort in the fact that you are not alone.
According to a recent poll from the Canadian Payroll Association, nearly half of Canadian workers (48%) would be completely screwed if they missed even a single paycheck.
40% of Canadians say that they spend every paycheck they receive within a week of getting them.
This behavior is totally excusable when you're still living at home with your parents but when you're an adult, it's perhaps time to stop trying to live like a Hollywood celebrity and start putting some money away.
What's even scarier is that if any kind mishap or emergency situation occurs that requires money, 48% of Canadian would not have enough set aside to cover it.
This also means they aren't putting any money away for retirement because whatever money they have gets spent paying down their debt.
39% of Canadians claim they are completely overwhelmed by debt and 22% believe they will never be able to get rid of their credit card debt.
But the saddest part of all this is that nearly a third of Canadians surveyed do not believe their economic situation will ever improve.
And with good reason.
This story is all over the news, and yet not a single article mentions any kind of long or short term solution to help alleviate the problem.
The credit card companies certainly aren't planning lowering their fees and there doesn't seem to be any special government programs in place to fix this problem.
So Canadians have every right to be pessimistic because as of yet, it looks like those who are in debt are pretty much on their own.