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7 REASONS WHY CANADIANS LIVING PAYCHEQUE TO PAYCHEQUE

Canadians living paycheque to paycheque, living paycheque to paycheque, debt, budget, balanced budget, trustees, trustee, Canadian Payroll Association, paycheck to paycheck, living paycheck to paycheck in america, more and more Canadians living paycheque to paycheque, not receiving their paycheque, Ira Smith Trustee & Receiver Inc., starting over starting now, how to stop living paycheque to paycheque, budget, Vaughan bankruptcy trustee, Vaughan bankruptcyMore and more Canadians living paycheque to paycheque (and people are also living paycheck to paycheck in America)

The results of a new survey released by the Canadian Payroll Association were quite frankly alarming.

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  1. Almost half of people polled said they are Canadians living paycheque to paycheque and would find it difficult to meet their financial obligations if their pay was delayed by just a week resulting in their not receiving their paycheque on time
  2. Less than 25% of respondents said they could probably not come up with $2,000 if an emergency arose within the next month
  3. 36% per cent of working Canadians said they felt overwhelmed by their level of debt
  4. 12% per cent doubted they’ll ever be debt free
  5. 75% of working Canadians polled reporting having put aside less than 25% of the money they expect to need in retirement
  6. 35% of respondents expect to work longer
  7. 20% of employees surveyed said they will need to work four years or more than they originally expected before retiring, citing a lack of sufficient savings as the main reason

How to stop living paycheque to paycheque – behaviour modification

Although this situation is nationwide, it’s worse in Ontario, British Columbia and Atlantic Canada. Can the Canadians living paycheque to paycheque problem be cured with a change in spending habits? According to BMO’s 2015 Psychology of Savings Report, it is.

The report shows a majority of Canadians, or 88% of respondents polled, said they are willing to improve their current financial status. However, 38% also admitted that they have developed bad spending and savings habits and 31% said they’re not willing to let go of them.

Consult your Vaughan bankruptcy trustee

As professional trustees we recognize and preach the importance of a balanced budget. In fact we published two blogs on the subject.

If you’re like many Canadians living paycheque to paycheque, it’s time to put an end to the constant struggle. Contact Ira Smith Trustee & Receiver Inc. today. We can help to restore you to financial health with a balanced budget and a plan for healthy financial living Starting Over, Starting Now.

By Brandon Smith

Brandon Smith is a licensed insolvency trustee and Senior Vice-President of Ira Smith Trustee & Receiver Inc. The firm deals with both individuals and companies facing financial challenges in restructuring, consumer proposals, proposals, receivership and bankruptcy.

They are known for not only their skills in dealing with practical solutions for individuals and companies facing financial challenges, but also for producing results for their clients with realistic choices for practical decision-making. The stress is removed and their clients feel back in control. They do get through their financial challenges and are able to start over, gaining back their former quality of life.

Call a Trustee Now!