How long could you manage without a paycheque?
It seems most Canadians can’t go very long without getting paid.
57% of Canadians admit they’d in a tough spot if their paycheque was delayed by just one week, according to a recent survey from the Canadian Payroll Association.
That's a lot of stress. People who are strapped can’t afford to switch jobs or get laid off because they're just barely making enough to squeak by.
What’s more concerning though is that that number has remained fairly steady for the past two years and is quite evenly distributed among provinces. Here’s what things looked like last year.
In 2011, the highest percentages of employees working paycheque to paycheque were in Ontario (60%) and the Atlantic provinces (64%). But the Prairie (56%) and Western (53%) provinces followed closely behind.
Not surprisingly, younger workers are having the greatest trouble meeting their expenses. Two thirds of those aged 18-34 say they would have great difficulty coping if they missed even a single pay day.
Among households, the situation is most precarious for single parents, with three quarters saying they would have some trouble making ends meet if their pay were delayed.
Whether they're wastrels, abandoned spouses or simply down on their luck, sometimes living paycheque to paycheque is not a matter of crazy spending; it's a simple case of math. You might not be earning enough to ever get ahead.
But, hopefully, that's not the case.
Just how long could you go without a paycheque? Are things better or worse than they were a year ago? What changes have you made to get there?
By Gordon Powers, MSN Money
Posted by: YA Okay | Oct 28, 2021 9:24:12 PM
@don FACEPALM HIGH FIVE FOR YOU !!!!!!!! WHERE DID I PUT THAT SHOVEL GETTIN HIGH IN HERE !!!!!!!!!!!!!!!!!!!!
Posted by: john | Oct 28, 2021 9:29:49 PM
hi i was working on a federal goverment job a guy i warned safty officers about ran my grader over iv been liven on nothin but the stuff i grow because wcb says im ok to work but my spines been broke i can barly move but have survived raising 2 kids by myself with no money so if u have a way to grow your own ur good of coarse they cant find any records of me red tagen the guy but the guy that ran me over is still worken i burn wood to keep warm so dont rely on the goverment because they brush u off
Posted by: Lisa | Oct 28, 2021 10:29:07 PM
@Don, I work just as hard as you do in my field. My point that is that when it comes to "raise time", alot of people either don't get raises or get small raises because companies always give the excuse that there is not enough money in the budget for salary increases and then only to find out that the CEO, VP, and directors all got huge raises along with bonuses. Alot of companies work this way. Does that sound fair to you? I don't think so!
Posted by: Ross | Oct 29, 2021 3:22:52 PM
Unemployed 1 yr. Savings gone. House next.
Posted by: John | Oct 29, 2021 10:54:36 PM
My Dad's policy was, don't relax on saving money, until you have the equivalent of 1 year's pay, liquid, in the bank.
I adhere to that. I can comfortably go 1 year with 0 income. Wouldn't want to, but I could.