Consumer confidence in Canada looking 'ugly': Nik Nanos
More Canadians are feeling the pressure of higher expenses as interest rates continue to rise across the country, according to a survey and report released by the National Payroll Institute on Tuesday.
The survey, conducted using Framework Analytics for the National Payroll Institute, found the number of individuals living paycheque-to-paycheque increased by 26 per cent compared to a year ago.
There’s also an all-time high number of Canadians who are spending more than their paycheque (11 per cent), which is the highest number since the Annual National Payroll Institute Survey of Working Canadians was first started 14 years ago.
“Many Canadians feel stretched thin and that the ability to change their financial position remains out of their control,” says Matt Davison, dean of science at Western University and director of the Financial Wellness Lab of Canada.
The survey found Canadians are saving less than they were a year ago.
Workers saving between one to five per cent of their pay increased to 34 per cent, while nine per cent of Canadians don’t save anything, the survey found.
More individuals are reporting they have higher debt levels compared to a year ago. The number of working Canadians with credit card debt climbed to 42 per cent, which is a 13 per cent increase from 2021.