Canadians Struggle Financially Amid Rising Costs, RBC Poll Reveals
A recent report highlights the ongoing financial difficulties faced by Canadians, with nearly half of respondents indicating they cannot maintain their standard of living due to escalating costs. The survey, conducted for RBC, reveals a concerning picture of financial insecurity across the country.
Key Findings from the Poll
- Standard of Living: 48% of Canadians surveyed reported that they can no longer sustain their standard of living.
- Financial Outlook: The same percentage of respondents believe they will never be able to get ahead financially.
- Spending Habits: 50% of those polled stated they are using all of their income to cover essential bills and expenses.
- Emergency Funds: 47% reported having to dip into their emergency fund or retirement savings to cope with rising costs.
- Unexpected Expenses: 60% of respondents expressed concern about their ability to manage unforeseen expenses.
Inflation Context
Although inflation has returned to the Bank of Canada’s target of 2%, many Canadians still feel the pinch of rising costs. The poll underscores a disconnect between official inflation rates and the lived experiences of individuals grappling with everyday expenses.
Survey Details
The online poll, commissioned by RBC, involved 1,515 Canadians surveyed between November 1 and November 5, 2024. It’s important to note that the poll does not provide a margin of error, as online surveys are not considered random samples.
As Canadians continue to navigate financial challenges, this report sheds light on the significant impact of rising costs on their ability to maintain financial stability and plan for the future.