According to a recent survey taken by the Canadian Payroll Association, more Canadians are feeling the financial squeeze. The survey found that 51 percent of employees said that it would be tough to make ends meet if their paycheque was delayed by just one week. This is a fairly startling result indicating how many people in Canada are effectively living paycheque to paycheque.
These survey results and other significant economic statistics were included in a recent article in the Globe and Mail.
Apparently household savings rates have also continued to decline down to just 3.9 percent in the second quarter of this year from over 15% in the early 1980’s. The survey also showed that the percentage of people that feel overwhelmed by their level of debt was 39 percent up from 32 percent just two years ago.
These are obvious signs that many Canadians are feeling the financial squeeze. If you are one of these people, our staff at G. Slocombe & Associates Inc. can assess your situation and advise you of your options in managing your debts.