Skip to content
Tate HackertOctober 3, 20162 min read

Living Paycheque to Paycheque? The Struggle is Real

If you’re feeling financially stretched, you are not alone. While it’s hard to believe 51% of Canadian employees would find it difficult to meet financial obligations if their paycheque was delayed by just one week, what’s even more alarming is that 63% of Canadian employees between the ages of 18 and 29 live paycheque to paycheque.

Talkin’ bout my generation!

The Millennial generation – you interesting bunch of humans born between 1980 and 2000 – are experiencing the worst of the financial burdens. With less money to spend than any other generation and a pile of student loan debt, there isn’t much time left for saving.

A recent Globe and Mail article reported that, “48 percent of respondents said they rely on each payday to cover their bills, with 40 percent admitting they spend an amount equal to all or more of their net pay each week.”

Let’s break this down into plain English. There isn’t much money left over after you pay your rent, phone bill, and buy some food for your little tigers.

Sound familiar?

Millennials Just Wanna Have Fun

It’s not all doom and gloom. Don’t let the old folks get you down. You may not be caught up in the big-ticket items like a house or car, and why should you be? You want access, not ownership. With services such as Uber, Airbnb and iTunes, Goldman Sachs says, “Millennials have been reluctant to buy items such as cars, music and luxury goods. Instead, they’re turning to a new set of services that provide access to products without the burdens of ownership, giving rise to what’s being called a sharing economy”.

Millennials Love Experiences. Lucky for you, experiences don’t have to be expensive. 

– Dinner with friends (or potluck with friends)
– Night out to the movies (or night in with Netflix and wine)
– Paintball, comedy club or brewery tour – all for less than $25 on Groupon

You know the drill.

Don’t Do Fun, Wrong

Did you know that 2 million Canadians take out payday loans each year? That’s 12% of employed Canadians and this stat may include yourself, or likely someone you work with. Payday loans are not the experience you are looking for – trust us. Long lines, poor customer service, and predatory rates. A $500 payday loan in British Columbia can cost you $115 in fees!

The worst part of a payday loan? It puts you into more debt. We want fun, not debt.

ZayZoon is the Right Kind of Fun

That same $500 advance through ZayZoon – Just $15. ZayZoon charges just 16 cents/day for each $100 we advance you. ZayZoon offers you and your cash-strapped colleagues a short-term borrowing solution, that won’t leave you in debt. We do our best to advance you only the wages you have already earned. We call it Earned Wage Access. After all, it’s your money, why should you wait 2 weeks to see it?

Think of ZayZoon the next time you want a great experience.

Subscribe here to get notified of our next blog post


To learn how ZayZoon can help, click here.


Tate Hackert

Tate is the brain behind ZayZoon, developing the idea of providing access to funds before payday, in 2013. He feels gratified knowing “we get to improve the financial health of people each and every day.” One of his favourite ZayZoon experiences involves a business trip to Selinsgrove, Pennsylvania where he helped film a Holiday Inn Express testimonial video. Wearing a ZayZoon shirt at the local Walmart, someone saw Tate and exclaimed, “Hey, ZayZoon! I use that!"