A new report on the state of Canadians personal financial situation paints a dark picture with many of us unable to get ahead of our bills.
The study, prepared for BDO Canada, says about half of us are living pay cheque to pay cheque and nearly 40-percent of us have absolutely no retirement savings.
This is a topic that plays into the narratives being advanced by the federal parties in the current election campaign. Obviously their polling of hot button issues has identified this topic as well. And it is a driving force behind calls from organizations such as Chambers of Commerce to put more emphasis on financial literacy to help people understand how to make decisions about money.
Gen-Xers are in the toughest straits as they carry a higher debt load than either boomers or millennials. Being in the age bracket where they have yet to pay down their mortgages is behind this situation as boomers are well along in debt retirement and millennials have not yet bought a house, especially in the major cities where real estate prices remain out of reach.
