SEAN PREVIL: The combination of rising interest rates,
ongoing inflation, and the cost of living
has left many Canadians feeling the pinch on their wallets,
and more than one third say they're
feeling financially stressed.
That's according to a new survey from the National
Payroll Institute.
PETER TZANETAKIS: There's a financial storm that's brewing.
SEAN PREVIL: The data paints a difficult picture
for working Canadians and how they are
dealing with their finances.
Of this group, 63% say they spend their entire net pay
to keep their heads above water with another 30% surpassing
that by dipping into savings or debt.
As a result, about two thirds of the financially stressed
are living paycheck to paycheck and half feeling overwhelmed.
However, personal finance expert Rubina Ahmed-Haq says this is
not the best course of action.
RUBINA AHMED-HAQ: Don't access your money
out of your line of credit.
Don't put more money on the credit card
that you know you can't afford to pay.
So that's number one.
SEAN PREVIL: With that added financial stress,
some Canadians may be looking at changing jobs
or even getting a second one.
However, a survey from employment agency Robert Half
says many Canadians want better pay transparency.
Two thirds of job candidates say not receiving
salary information when requested means
they wouldn't pursue a job.
Some employers are taking note of this
with 80% of managers surveyed saying they include
salary ranges with half saying it helps
attract skilled candidates.
National Payroll Institute president Peter Tzannetakis
says with Canada still facing low unemployment
and rising wages, people should prepare for the future.
PETER TZANETAKIS: If they can't handle their household finances
in a way that's going to help them move out of there,
there could be more turbulent times ahead.
SEAN PREVIL: For Canadians feeling that crunch,
Ahmed-Haq says it may be time to rethink that home
renovation or family vacation.
RUBINA AHMED-HAQ: You can feel a little bit better
about your cash flow and you're not going into more debt
because oftentimes when you take on big projects,
they can become a lot more expensive.
SEAN PREVIL: As Canadians face what some could call
a financial storm, Ahmed-Haq adds Canadians should consider
going over their finances to see where else they could save so
that stress doesn't lead to more issues
that some are already facing.
Sean Previl, Global News.