Six in Ten Canadians Live Pay to Pay

Tavia Grant
Globe and Mail

The recession may be officially over, but six in 10 Canadians are still surviving from paycheque to paycheque, a national survey showed Monday.

Fifty-nine per cent of Canadian workers say they would be in financial trouble if their paycheque was delayed by just a week – the same proportion as last year when the economy was still mired in a downturn, according to a poll of 2,766 people by the Canadian Payroll Association.

The survey comes as the OECD today warned that record high debt levels have left many Canadians vulnerable “to any future adverse shocks.” Also Monday, a Statistics Canada report showed household net worth fell 0.6 per cent in the second quarter, largely due to falling stock markets. Liabilities of households increased, meantime, led by mortgages and consumer credit.

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