TORONTO – The Canadian Payroll Association says Ontarians are not immune to a national trend of spending too much and saving too little.
LISTEN: Steven Van Alstine the Vice-President of Education at The Canadian Payroll Association talks with AM 640’s Tasha Kheiriddin
The association’s ninth annual survey found 42 per cent of people living in Ontario spend all of their net paycheque, right in line with the national average of 41 per cent.
It says 43 per cent of Ontarians save just five per cent of their paycheques, well shy of a recommended 10 per cent threshold.
A quarter of Ontarians say they would be unable to come up with $2,000 in a single month to address an emergency, slightly above the Canadian average of 22 per cent.
And 32 per cent of Ontarians report a spike in their debt levels, while 37 per cent of them say they feel overwhelmed by the amounts they owe. Both figures are in line with national averages.
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The association blames higher cost of living for an overall increase in spending, which in turn leads to a rise in overall debt levels.
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