More British Columbians living paycheque to paycheque
Posted September 9, 2015 9:08 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – We are working longer and saving less.
That about sums up a new national payroll survey that suggests we are falling way short of our retirement goals.
Data from the Canadian Payroll Association suggests 51 per cent of British Columbians are now living paycheque to paycheque, second only to Ontario.
Nationally, 48 per cent of people polled say it would be difficult to meet their financial obligations if their paycheque was delayed by a single week.
“It’s basically the harsh reality of today,” says the association’s Sandra Morrison, adding that 42% of British Columbians report they feel overwhelmed by debt compared to 36% nationally.
“That’s among the highest in Canada, along with Ontario, and based on our survey results it seems that the debtloads people are incurring right now are a contributing factor.”
The survey found that 77% of British Columbians have saved a quarter or less of what they will need in retirement.
And even among those closer to retirement (50 and older), a disturbing 48% are still less than a quarter of the way to their retirement savings goal.
As a result, more than one-third of Canadians expect to work longer than they had originally planned five years ago, with their average target retirement age rising from 58 to 63 over that period.
And in continuing gloom, our confidence in the economy is also dropping.
“A little over a third in BC expect the economy to improve over the next year. That’s down from an average of 41 percent over the previous year,” Morrison tells NEWS 1130.
To illustrate just how strapped some employees are, the survey suggests about a third in BC feel they could not not come up with $2,000 if there was an emergency within the next month.
