Almost half of Canadians live paycheck to paycheck

Canadian households are under pressure and a new survey shows that for almost half, they would find it hard to cover bills if their paycheck was a week late.

The Canadian Payroll Association’s report shows that a third of respondents feel overwhelmed by their debts to some degree while 9 per cent strongly agree with that.

However, almost half said that their debt had not increased in the past 12 months while almost a third said it had.

Of those with debt (93 per cent) a quarter have a residential mortgage on their main home with 4 per cent having a loan for a business or rental property and 16 per cent having a line of credit.

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