Rising inflation eating into young Canadians’ disposable income: ‘It’s insane’
“It’s sad. It’s sad grappling with the fact that this city that you were born and raised in, is now becoming like less and less habitable,” she said.
Average hourly wages rose 5.2 per cent on a year-over-year basis in June, up from 3.9 per cent in May and 3.3 per cent in April, according to the most recent jobs data from Statistics Canada. That’s still well below the pace of inflation. “If salaries were higher and cost of living cooled in Toronto, I probably would have stayed there happily instead of moving to work abroad,” Chae said.How you can save money at the grocery store as prices soarShe also advises young professionals to set up “sinking funds,” which are reserves of money set aside for different expenses, and oftentimes bigger expenses. Every month you put money in one or multiple funds to be used for a later date.
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