Many Albertans Living Paycheque to Paycheque

by in Media Centre
Many Albertans Living Paycheque to Paycheque
The Canadian Payroll Association recently published its latest survey that pretty much paints a picture of how many Albertans live.  And it is not a very pretty one.  The 2017 survey confirms that many Albertans are living with significant debt despite the positive economic outlook this year.

According to the survey, 47% of working Canadians and the same percentage of Albertans said they would find it difficult to meet their financial obligations if their paycheque was delayed by even a single week.  On a national level, the survey shows higher numbers: 55% of millennials in their 30s and 51% of Gen Xs in their 40s.

The survey does confirm the high levels of spending and low rates of savings among Albertans.  The survey shows that 41% of employees in Alberta spend all of or more than their net pay and that 39% of Alberta respondents save 5% or less of their earnings, well below the recommended 10%.

In addition to this, to show an even clearer image of just how Albertans are financially struggling, the survey says 19% of Albertans and 22% nationally would not be able to come up with $2,000 within a month for an emergency expense.

Are you one of these Albertans dealing with high levels of debt and spending? What can you do?

Education is key! Learn how you can deal with debt and improve your finances in just 12 weeks with our newest online course:  TAKE CONTROL OF YOUR FINANCES – KD’S PREP COURSE TO A BETTER FINANCIAL FUTURE! Click here to learn more: I want to take control of my finances!

Source: http://www.payroll.ca/cpadocs/npw/2017/Alberta_FINAL_EN.pdf
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