Strapped for cash
Posted Sep 13, 2010 04:01:25 PM.
This article is more than 5 years old.
A new poll finds most people are living on what they have in their pocket because they can’t afford to put money away in the bank.
The Canadian Payroll Association surveyed almost 3 thousand people and found that 59 per cent of them are living paycheck to paycheck.
The poll also found that 47 per cent of workers are saving five per cent or less of their net pay.
That’s down from 50 per cent last year.
The recommendation is a retirement savings rate of about 10 per cent of your net pay.
Another concern, according to Steven Van Alstine with the Canadian Payroll Association, is higher interest rates.
Van Alstine says that means people must be carrying a debt load.
The poll found that 81 per cent of respondents would pay down their debt first if they won the lottery.
