146 – Why Minimum Wage is not a Living Wage

146 – Why Minimum Wage is not a Living Wage

Author: Doug Hoyes June 17, 2017 Duration: 21:59

As Licensed Insolvency Trustees, our clients tell us how difficult it is to live on minimum wage.  That's why they often have no choice but to use debt to survive.  The average person we help file a consumer proposal or bankruptcy has an income that is almost 40% less than the median income in Ontario; in many cases our clients are working minimum wage jobs.

Our clients don't have a debt problem; they have an income problem.

If minimum wage isn't enough to survive, the solution would appear to be quite simple: raise the minimum wage.  That's exactly what the Ontario government is proposing to do, raising the general minimum wage from $11.40 per hour to $15 per hour on January 1, 2019.

So won't that big increase in the minimum wage solve all of our problems?

No, because, unfortunately, a minimum wage is not a living wage.

On today's show we explore the reasons why a government-mandated minimum wage is likely to do more harm than good, and we propose a more effective solution to our income problem.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

Debt Free in 30
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