Rising inflation is weighing on many Canadians’ pocketbooks, with a new survey finding that the increasing cost of essential goods and services to be the biggest contributing factor to higher debt.
which was released by BDO Canada Ltd. on Thursday and conducted by the Angus Reid Group, 84 per cent stated rising costs as the biggest contributor to their debt.
Many Canadians have also changed their grocery store habits, with a survey by Dalhousie University’s Agri-Food Analytics Lab finding that the majority of individuals are making lifestyle changes in order to manage soaring costs. “With inflation and rising costs, affordability challenges have returned to, and in some cases, surpassed pre-pandemic levels,” says Nancy Snedden, national leader of the BDO Debt Solutions practice, in a press release.
The majority of respondents say saving for retirement is a challenge, while 62 per cent say they are saving less in the past year, or not at all, and it’s mainly due to the higher cost of living.
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