We’ve been discussing the serious issue of seniors in debt, but seniors are not the only ones experiencing serious financial challenges. Those of us still working are facing different, but equally daunting challenges.
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You have a job and you work hard. You pay all of your bills on time and you pay your taxes. What could be wrong with this picture? You could be one missed paycheque from financial disaster. A recent report shows that Ontario has the second highest percentage of people living paycheque to paycheque in the country.
- In Ontario 60% of the population is living paycheque to paycheque
- The Atlantic Provinces is the highest at 64%
- Nationally the figure is at 57%
A Canadian Payroll Association (CPA) survey found that the majority of Canadian workers continue to live paycheque to paycheque, with 57%saying they would be in financial difficulty if their pay was delayed by even one week. Although a financial planner will generally recommend that people have approximately three months of expenses as an emergency fund, if you are living paycheque to paycheque, survival is on your mind; not saving. And, the reality is that retirement may be just a dream – 43% of Ontarians expect to postpone their retirements.
How did so many people end up living from paycheque to paycheque?
- Rising cost of living expenses
- Living expenses now include Internet, cable, cellphone/Smartphone, wireless data…
- Increasing educational costs
- Unstable economy
- Easy access to credit contributes to overspending
What can you do now to end the “living paycheque to paycheque” cycle? Don’t wait for financial disaster to strike! Contact a professional Trustee today. Ira Smith Trustee & Receiver Inc. will evaluate your situation and come up with a solid financial plan so that Starting Over, Starting Now you can get your life back on track. You won’t ever have to experience the stress of living paycheque to paycheque again.
Watch for our next blog when we’ll be discussing if you’ll ever be able to retire.
