Mortgage News
One-third of Canadian households living paycheque to paycheque
A recent report reveals that 3 in 10 households experience difficulty trying to save after their monthly bills are paid.
Published
A survey conducted for the Certified General Accountants Association of Canada indicates that for 29% of Canadians, after the necessary expenses are paid each month, there is little to no money left to contribute to a savings plan. The same survey reveals that 25% of Canadian households say that they have never contributed to savings.
Other highlights of the survey include:
- The two most popular reasons for not saving are current income, and other financial obligations.
- For those with investments, 28% of respondents monitor their progress once a year or less.
- 21% of those paying a mortgage say they accelerated their payments or made a lump sum contribution over the past year.