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59% of Canadians would be in trouble if their pay was delayed by a week.
Ottawa (20 Sept. 2010) - Six in 10 Canadians are surviving from paycheque to paycheque, and younger workers are feeling the pressure most of all, says a new national poll of 2,766 citizens by the Canadian Payroll Association.
Among those surveyed, 59% said they would be in financial trouble if their paycheque was delayed by just one week. This is the same level as a year earlier, and is notable because it has not declined as fallout from the global financial meltdown is supposed to be receding.
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.
The situation is most precarious for single parents – 75% saying they would have some trouble making ends meet.
Top economic concerns among Canadian workers are rising interest rates, not being able to save enough to retire, inflation and falling back into recession. The poll also found that:
- 62% expect a salary increase this year but 83% expect their cost of living to rise as well.
- 47% save 5% or less of their net pay while 40% are no longer even trying to save at all.
- 60% feel the economy will improve in the next year, a decline from 67% in 2009.
The survey was taken between late June and mid-July of this year.
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The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE