A survey by RBC has revealed that nearly half of Canadians are unable to maintain their standard of living due to rising costs. The survey found that 48% of respondents can no longer maintain their standard of living, and 48% believe they will never be able to get ahead financially.
Despite inflation returning to the Bank of Canada’s target of 2%, Canadians continue to struggle financially. 50% of respondents spend all their income on essential bills and expenses, while 47% have dipped into their emergency fund or retirement savings to cope with rising costs. 60% of respondents are worried they don’t have enough money to cover unexpected expenses.
Source: The Star
