The latest findings from Canada Payroll Association (CPA) paint a grim financial picture for those employed in B.C.
According to the CPA, nearly half (48%) of the province’s employees live paycheque to paycheque, with 39% of employees admitting to spending all, or more, of their net pay.
For those that manage to save a portion of that pay cheque, 69% of employees said the amount they actually save is 10% or less of their earnings.
One-in-four respondents said they would also stretching to come up with $2,000 within a single month for an emergency situation.
The numbers depict a workforce struggling to come up with retirement savings, despite the fact that over half (55%) of workers in B.C. believe they will need more than $1 million to retire and 40% said they will have to work longer in their life than they originally thought.
“Now is the time to pay down debt, contribute to retirement savings and take control of your financial future,” said CPA President Peter Tzanetakis.
"Many people seem to be complacent and not focused on the big picture.”
To read the full results of CPA's survey, click here.