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Survey: 30% of Canadians Can't Afford to Live!

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Bad Penny
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« on: April 22, 2011, 05:33:17 am »

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http://ca.finance.yahoo.com/news/Survey-finds-nearly-one-third-capress-886125985.html?x=0

Survey finds nearly one-third of respondents didn't have enough money to live on

The Canadian Press, On Wednesday April 20, 2011, 10:28 am EDT

By The Canadian Press

TORONTO - Nearly one-third of Canadians that responded to a recent survey backed by a major Canadian bank said they didn't have enough money to cover living expenses.

An online survey completed for TD Canada Trust (TSX:TD) also found that 54 per cent of the 1,003 people who answered said it was a real struggle or impossible to save.

The report, released Wednesday, says that 38 per cent of respondents said they had no savings and 30 per cent said they didn't have enough money for their living expenses.

On the flip side, 30 per cent of the respondents said they had enough money saved to cover living expenses for at least four months.

The online survey, based on a representative sample of Canadian adults, was conducted before Christmas from Dec. 2 to 7 by Environics Research for the bank.

TD used the survey results to publicize its services for helping customers with their savings.

The survey found the top goals for the respondents were: saving for retirement (73 per cent), paying off credit cards (72 per cent), and major purchases or vacations (53 per cent each).

On a regional basis:

22 per cent of respondents in the Atlantic provinces said they found saving "impossible" and 43 per cent indicated any left-over money was being used to pay down debt.

54 per cent of respondents in Ontario said they found it a "real struggle" or impossible to save and 33 per cent said they didn't have enough money to cover living expenses.

33 per cent of respondents in Saskatchewan and Manitoba indicated it was a real struggle to save but a larger portion (37 per cent) said they had enough money saved to cover at least four months of living expenses.

55 per cent of respondents in Alberta said it was a real struggle or impossible to save but 31 per cent said they had enough money saved to cover at least four months of living expenses.

44 per cent of respondents in British Columbia said it was a real struggle or impossible to save; 30 per cent said they didn't have enough money to cover living expenses.
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