Job loss would spell disaster for one in five

By Andrew Rickard | November 14 2016 09:48AM

If they were to lose their jobs, one in five Canadians would run out of money in less than a week.

A survey conducted on behalf of the Financial Planning Standards Council (FPSC) reveals that more than 40% of Canadians would only be able to pay their living expenses for four weeks or less if they were to lose their job. What's more, 19% say they could only manage for one week.

The survey also asked respondents how they felt about the economy, and more than two thirds believe the economy and their own financial situation has either stagnated or worsened over the past five years. This has resulted in widespread anxiety, with two out of every five Canadians worrying about money at least once a day. About one in four of the respondents said they worry "almost constantly."

Others were more flippant, with 35% of those surveyed indicating that they "they live for today and let tomorrow take care of itself". Only about half of the respondents (55%) say they keep a close watch on their financial affairs.

The online survey of 855 Canadians was conducted by Hill+Knowlton Strategies between July 22 and August 5, 2016. A sample group of this size yields a margin of error of plus or minus 3.3%, 19 times out of 20.

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