2 Out Of 3 Canadians In A Survey Said That A Rising Cost Of Living Is Really Getting To Them

Some Canadians are feeling the pinch!

2 Out Of 3 Canadians In A Survey Said That A Rising Cost Of Living Is Really Getting To Them
Gene Gallin | Unsplash
Staff Writer

Canada's inflation rate is hitting heights not seen since the early 2000s, and it seems as though it's really starting to stress Canadians out.

That's according to a survey conducted by life insurance company PolicyMe, which determined that two-thirds of Canadians counted a higher inflation rate and cost of living as their number one financial stressor.

At 67%, "increased cost of living/inflation" was by far the highest stressor, coming in with more than double the votes of second place — "not able to save enough for my retirement," with 30%.

Both answers were followed by "inability to absorb unforeseen expenses" and "unpredictability of investments," both at 25%.

Canada's inflation rate hit 4.4% in September 2021, a high not seen since February 2003. Unfortunately for Canadians, the stress may be around for a while yet, because the Bank of Canada doesn't foresee it returning to normal until late 2022.

This article's cover image was used for illustrative purposes only.

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  • Cormac O'Brien
    Cormac O'Brien was an Associate Editor at Narcity Canada, covering all things exciting and trending about Canada. He has a Bachelor of Fine Arts in Creative Writing and Journalism from the University of Victoria, where he served as the Editor-in-Chief of the campus newspaper and was awarded the BCYNA Community News Scholarship for his writing. He was also the producer and co-host of Now On Narcity, Narcity's flagship podcast.

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