Fewer Canadians living paycheque to paycheque
A new study by the Canadian Payroll Association suggests fewer Canadians are living paycheque to paycheque compared with last year.
A recent report from the Canadian Payroll Association indicates that fewer Canadians are as tightly budgeted as was reported last year. 42% of those polled suggested they would be in financial trouble if their pay was delayed for a week, compared with 47% in last year's report.
The report suggests that 40% of employed Canadians are spending or exceeding their entire net pay, and 45% are only setting aside 5% of their net pay for savings.
When examining your own financial picture, it is suggested to create a detailed budget including mortgage, car, incurance and utility payments, along with groceries and other day to day costs. Examine what can be eliminated or decreased, and set aside a percentage of your net pay that automatically goes towards a savings plan.