The state of the nation’s finances continues to produce some worrying stats and the latest report from the Canadian Payroll Association reveals how fragile some households are.
Its latest survey reveals that 47% of Canadians would struggle if they were paid just one week late. It’s even worse for millennials (55%) and those in their 40s (51%).
It also found that 42% of employees spend all or more of their net pay every week – bad news for those saving to buy their own home.
The issue is exacerbated by the high levels of debt carried by many households.
The CPA survey shows that over a third of working Canadians feel overwhelmed by their debt levels and 31% say they took on more debt over the past year.
Almost all (94%) of respondents have debt with 28% having a mortgage, 18% have car loans, 17% have lines of credit, and 17% have credit cards.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate