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More than half of Canadians are living paycheque to paycheque: poll

Credit cards are displayed in Montreal, Wednesday, December 12, 2012. Statistics Canada says the amount households owe relative to their income edged lower in the second quarter as income grew slightly faster than debt. THE CANADIAN PRESS/Ryan Remiorz
Summary

39 per cent of those surveyed said they had no savings for retirement, up from 31 per cent in the same survey last year

Debt is becoming a much bigger problem, with more than 50 per cent of Canadians unable to pay off their credit cards

VANCOUVER (NEWS 1130) – A new poll finds many Canadians are struggling to make ends meet.

The annual BDO Canada Affordability Index shows more than a half are living paycheque to paycheque, and over a quarter don’t have enough money to cover their needs.

The poll, examining how affordable life is in Canada, looked at 2,047 people and found many are being forced to stall future financial planning in order to take care of the present.

The research finds debt is becoming a much bigger problem, with more than 50 per cent of Canadians unable to pay off their credit cards on a monthly basis.

25 per cent of those surveyed said they found their debt “overwhelming,” and that debt was increasing for 31 per cent, who are unable to pay it off.

And that will impact Canadians in the future. 39 per cent said they had no savings for retirement, up from 31 per cent in the same survey last year.