A financial expert explained in a video that it is impossible to put money aside when you earn a salary of $25 an hour.
Alexandre Demers is a financial consultant and he regularly produces videos on this subject on TikTok.
Last July, the expert pointed out in a video that it is now impossible to save on a salary of $25 an hour.
The consultant said: “A single person who makes $25.00, after paying for their housing, their car payment, their insurance, their groceries, their gas, their electricity, etc., they don’t have a cent left at the end of the year. end of the month. So, it makes it very difficult for these people to get out of poverty because after paying essential expenses, there is no money left at the end of the month to put in an emergency fund or to accumulate money to invest it.”
Alexandre Demers continued by adding: “So, we find ourselves a bit in modern-day slavery, that is to say that the average worker works to pay his bills, but without ever accumulating wealth. So, ultimately, he just works to survive. And it’s even worse for people who make less than $40,000 a year or who have lost their job and are not able to find another one. For these people, the situation is catastrophic and when basic needs are compromised, that’s when order and security within society becomes more difficult.”
According to Alexandre Demers, this situation benefits no one, since it has a direct impact on the crime rate: “And besides, if we look at the 2023 SPVM report, we can see that the crime rate in the Greater Montreal has increased by 11.5%, so there are more and more crimes, thefts, fraud, because when people try to earn their living honestly by being good citizens, then ultimately, that If their business doesn’t work, some people may turn to illegality.”
The consultant concluded by saying: “This is a bit like what we are seeing in Montreal, that is to say that in certain sectors, we are seeing extreme poverty and together with that, we are seeing an increase in crime.”
Here is the video from Alexandre Demers:
Do you consider that a salary of $25 per hour is sufficient? Are you able to save money?
