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Burdened by debt and slipping behind, survey respondents say

Burdened by debt and slipping behind, survey respondents say

48% said they might be in trouble if a single paycheque was delayed

Many working Canadians feel overwhelmed by debt and more than half of them say they would have difficulty if they missed a paycheque.

They also are losing confidence in the economy, with only 33 per cent of respondents to a survey saying they expect things to get better next year.

That sense of slipping behind comes from a survey of 3,605 working Canadians who completed a poll given to them by members of the Canadian Payroll Association with whom they work. The survey was administered between June 29 and Aug. 7 and designed by Framework Partners using a sample adjusted geographically to mirror a representative sample of working Canadians.

It has been performed annually by the CPA for the past seven years. The CPA says a definitive margin of error cannot be expressed.

Across the country, 48 per cent responded that it would be somewhat difficult or very difficult to meet their financial obligations if a paycheque was delayed by a single week.

Just 24 per cent thought they could come up with $2,000 to cover an emergency, such as critical home or car repairs.

Overwhelmed with debt

About 16 per cent of respondents agreed or strongly agreed they were overwhelmed with debt. The average debt balance for a Canadian consumer, excluding mortgages, was $21,028 in the second quarter of 2015, according to credit monitoring agency TransUnion.

Consumer debt includes car loans, credit cards and lines of credit. In the CPA survey, 19 per cent admitted they had credit card debt and 16 per cent said they have debt on a line of credit.

The money worries are playing havoc with their savings.

About 47 per cent of those surveyed said they save less than five per cent of their pay.

 

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