Three out of 10 households have no money left after essentials: Study

Global News

A new study by the Certified General Accountants of Canada has found three out of 10 households across Canada never, or almost never, have money left over after paying essential expenses.

In B.C., 29 per cent of households say they do not have any wealth at all, and only 30 per cent of households engage in any retirement planning.

It’s not all grim news though, at least for people in B.C.

According to the study people here are better at taking a regular hard look at their personal finances, compared to just 40 per cent of people in the rest of Canada.

It used to be different though. 30 years ago, back in the early 80’s, even if we didn’t make lots of money, we still saved lots of money. Canadians saved on average 20 per cent of their income then, and now we save less than four per cent.

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