Canadians facing great financial difficulty, a new study says.
So almost half of all Canadians cannot handle a week’s delay in getting paid.
And that comes as a big surprise given Canada’s booming economy.
But Canadian and their money woes are an ongoing problem.
The study was conducted by the Canadian Payroll Association.
Forty four per cent of Canadians polled say they would face financial difficulties if their paycheque was delayed by as little as a week.
That is slightly better than what the number was several years ago – 48 per cent.
“The sense we got from the survey is that while Canadians are feeling a little better about their financial health, it’s largely due to the job situation and a strong economy,” association president Peter Tzanetakis told HuffPost Canada.
“The reality is that they continue to carry very high debt loads, and it’s impacting their ability to save for a rainy day or even retirement.”
Canadians Facing Great Financial Difficulty
Aside from the paycheque delay issue Canadians have been struggling with their money for some time now.
And they say two key things are responsible for their money woes.
The high cost of medical and dental care.
Others include having to take out payday loans.
The situation is so bad that money woes afflict one in six Canadians.
The report comes from the Angus Reid Institute.
The report says:
As much as 21 per cent of Canadians say they can’t afford to go for dental care, while one-quarter reported they have recently had to borrow money to buy groceries.
To study how Canadians struggle with their money, people were asked about 12 money-related situations, including whether they’ve used a pay-day loan-type service, if they’ve used a food bank, if they’ve not been able to pay a utility bill and if they can afford to go for dental care.