OTTAWA, Sept. 6 (Xinhua) -- Almost half of employees are living paycheque to paycheque due to soaring spending and debt levels, according to a new survey released by the Canadian Payroll Association Wednesday.
The survey, which polled 4,766 Canadian employees between June 27 and Aug. 5 this year, discovered that 47 percent of respondents said it would be difficult to meet their financial obligations if their paycheque were delayed by even one week.
It also found that 35 percent feel overwhelmed by their level of debt.
The survey shows that respondents found mortgages on principal residences the most difficult debt to pay down, with 32 percent of respondents selecting this option compared to 23 percent who cited credit card debt.
The survey results said the primary reason for increased debt is higher overall spending.
Of the major reasons for increased spending, 32 percent of respondents pointed to higher living expenses while 25 percent mentioned unexpected expenses.
