Some Canadians are feeling the pinch!
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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