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.