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The impact of inflation worries Canadians

The impact of inflation worries Canadians

More than half (53%) of Canadians are concerned about their ability to afford daily expenses, according to a recent Scotiabank survey.

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The results of the survey, released on Monday, showed that a majority of Canadians expect to spend more on basic necessities such as groceries and food (78%) and gas (71%), while more than half (53%) expect they will have to spend more. on public services.

Nearly half of respondents agree that these issues have a significant impact on their ability to save to achieve their long-term financial goals (47%) and maintain their standard of living (37%).

“Inflation is causing financial anxiety for Canadians, especially young people and women who have also been affected by the pandemic,” said Darcy MacDonald, senior vice president of payments and unsecured credit.

“Everything costs more, and Canadians are worried about being able to afford basic necessities like food and gas. But at the same time, there aren’t many jobs, wages are going up and inflation will slow over time,” MacDonald said.

Canadians living in the Atlantic Territories (49%) are more likely to say inflation has a greater impact on their ability to set and stick to their budget, compared to residents of British Columbia and Quebec (36%).

When it comes to financial anxiety, residents of La Belle County are the least likely to worry about their ability to pay daily expenses (57%), compared to residents of Alberta (45%), Manitoba, and Saskatchewan (44). %), Ontario (43%) and Atlantic Provinces (39%).

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The survey, which was conducted by Maru/Blue on June 29-30 of 1,512 Canadians, showed that women, youth and low-income families are the most concerned about their financial situation in the coming months.