“It’s clear that many Canadians have been feeling pinched by this high interest rate environment and have seen their purchasing power throttled over the past year,” Martha Vallance, Dye & Durhams's chief operating officer, said in a news release.
“This has had a downstream effect on everything from housing and retail to legal services over the past 12 months." According to the survey, 39 per cent of Canadians said that they are in a worse place financially than they were a year ago. At the same time, 25 per cent said that they are in a better place financially.
Canadians also reported spending more money this year on groceries , gas , car insurance and home insurance . The higher costs have resulted in more than half of those surveyed opting to put less money towards personal savings. Another 35 per cent said they are putting less towards retirement and Registered Retirement Savings Plans , and 45 per cent have reduced their charitable donations.
The Dye & Durham survey was conducted by the Angus Reid Forum between Aug. 16 and Aug. 18 and has an estimated margin of error of +/- 2.5 percentage points, 19 times out of 20.
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