The number of people living paycheck to paycheck around North America might surprise you. In the U.S. it is estimated that some 63% of Americans are living paycheck to paycheck. It isn’t those with low incomes either.
One previous investigation found that many Americans earning annual incomes that are over $100k were also living paycheck to paycheck, about 40% of them.
Canadians Struggling With High Cost of Living
Around Canada there are millions of Canadians who are spending more than 30% of their income on rent, a threshold that is frequently cited as as rule of thumb for being the maximum one should spend if they are opting for affordable rent in their budget.
It is estimated that one third of Canadians are spending their entire paycheck before the next one arrives. There are many Canadians in BC and elsewhere who would be unable to cover an unexpected financial situation if it were to come up. This could mean facing a situation such as needing new glasses, having to fix the car, or perhaps seeing a bill come that is more than expected. These sorts of situations could easily cause financial devastation to many Canadians that are living paycheck to paycheck and who are not able to handle unexpected costs like that.
A Need For Affordable Housing Solutions and More
There are several cities in BC that are frequently cited as being among the most expensive places to live, Vancouver of course being one of those locations. It isn’t just in Canada either, but around the world that Vancouver ranks around the top for high cost of living.
Vancouver has been named as being the most expensive city to live in North America, with others like Hong Kong ranking above it in terms of worldwide affordability.
Other Canadian cities aside from Vancouver that also make the list for the most unaffordable in the world, include cities like Victoria and Toronto. Canadians are tackling a high cost of living, rising prices for groceries, some of the most expensive gas prices like those in BC experience, and it puts a strain on many individuals and families.
Finding Help In The Community
The high cost of living and affordability in Canada was one of the top issues for Canadians going into the recent election. To help address the problems there are plans to build more affordable housing units around the country and different projects have sprung up over the years to try and address food insecurity in Vancouver and elsewhere in the country.
With the many Canadian programs and projects there are around the country though we still know that many Canadians struggle with affordability and getting what they need to get by. There are Canadians living paycheck to paycheck who wouldn’t know where to turn if some unexpected financial emergency did come up.
1 in 7 Canadians experience food insecurity.
There are operations like the Rescued Food Market, and other endeavors, that are working hard to do something about affordability for Canadians today. Food banks, community free fridges, and other projects, have sough to address that food insecurity in Canada. And these efforts have had an immediate impact on the lives of those Canadians who are looking for solutions to the high cost of living in Canada.