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Vast majority of Canadians now say they are living 'paycheque to paycheque'

Struggling financially due to the cost of living? You're not alone. A new survey shows most Canadians feel like they're only just covering their living costs.A new H&R Block Canada survey on how much money Canadians save shows that they're increasingly worried about not putting enough away for a rainy day. As a rule of thumb, 20 per cent of people's paycheques should go towards savings. However, on average, participants said they only manage to put away 7 per cent of their earnings.That's because the majority of participants said that they feel like living paycheque to paycheque is the "new reality.""When thinking about the prevailing culture of saving in Canada, a whopping 85 per cent feel that living paycheque to paycheque is the new norm," reads the survey. "This is up from 60 per cent who said they felt that way in a similar H&R Block study from 2024."It's hardly surprising, given that one in 10 Canadians say that what they earn isn't enough to cover living costs. Overal...


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