Nearly half of working Canadians depend on their next paycheque just to cover their bills, according to a new survey.
A (CPA) Wednesday found 48 per cent of the 5,600 Canadians surveyed said it would be difficult to make ends meet if their pay were delayed by a week.
For the eighth year in a row the survey paints a picture of employees struggling get by let alone handle emergencies. One in four surveyed said they wouldn't be able to afford $2,000 for an emergency in the next month like a car accident or surgery.
The survey鈥檚 findings are disheartening but not surprising to senior investment advisor Allan Small.
鈥淭his has been going on for quite some time now, it just seems like things are getting worse,鈥� Small told 麻豆影视 Channel Wednesday.
Small said the current economy is suffering from low oil prices, booming housing costs and increased debt.
鈥淚t鈥檚 hard to say one reason but I think it鈥檚 a combination of all of those things,鈥� he said.
Small said one possible solution could be to raise interest rates to discourage people from borrowing more than they can handle.
Ninety-three per cent of respondents said they carried debt with the most common sources being a mortgage (26 per cent), credit cards (18 per cent), car loans (17 per cent) and a line of credit (16 per cent).
Thirty-nine per cent reported feeling overwhelmed by their debt and 11 per cent said they think they will take it with them to their graves.
The CPA advised people to 鈥減ay themselves first鈥� by putting aside 10 per cent of each paycheque. Less than half of those surveyed said they were able to save five per cent of their net earnings.
Small said Canadians should take saving a step further by investing in the stock market.
Experts鈥� advice may be tough to follow for some cash-strapped employees.
Marianne Gauthier worked three jobs before her two sons were born.
鈥淲hen we receive money, it is all gone because we have a million things to pay when we have kids,鈥� she said.
With a report from CTV鈥檚 Quebec Bureau Chief Genevieve Beauchemin in Montreal
