Think you are safe from poverty? Think again!

Think you are safe from poverty? Think again! Poverty can happen to anyone at any age. It’s difficult and humiliating. Yet, it shouldn’t be since the majority have, are or will experience it.

71% of Quebec residents are in debt, according to a recent survey conducted for BDO Canada, a professional financial services firm. I’m not surprised by this, probably because I am part of the majority. In fact, almost 1/4 feels that their debt is so overwhelming that they simply do not know what strategy to take to get by.

41% of survey respondents say they are not prepared for unforeseen costs. I’m pretty much in that category. We keep trying to put money aside for a rainy day, but with 3 kids, school and a home, unforeseen cost happen on a regular basis.

Worse still, nearly half (45%) of those surveyed say their income is barely enough to cover the cost of living. This means that approximately 1/3 of Quebec residents are short of money to meet their basic needs.

34% of survey respondents said they put very little money aside for their retirement, while 29% said they did not have retirement savings at all. I’ve always put my retirement savings as a priority. The parents of my best friend are unable to retire because they have no money put aside. I saw my own parents struggled when the company my dad’s went under. I am worried about my own future, especially since I am suffering from multiple chronic illness that will probably make it impossible for me to work until retirement age.

I don’t know about you, but these results are very worrying, and even alarming.

 

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