According to this Affordability Index, more and more Canadians are struggling to make nearly all types of purchases. cdnpoli housingmarket realestate realestatenews affordability
— an increase of three percentage points over 2021. Six in 10 Canadians are also either saving less, or not at all — especially for retirement — than they were in 2021.
The online survey of over 2,000 Canadians, conducted by the Angus Reid Group, found the rising cost of essential goods and services is the greatest contributing factor to increasing debt , up 14% from 2021. And 42% say their debt has become overwhelming — almost double the levels seen in 2021. Meanwhile, nearly one-third of Canadians say it’s challenging to feed themselves and their family , while 52% find it difficult to afford transportation . Discretionary spending has also taken a hit. Of those surveyed, 61% have cut spending on restaurants/take-out, along with travel and home electronics .
More than four in 10 Canadians have also cut savings for retirement, while 71% say saving for retirement is a challenge – an increase of six percentage points over 2021. As a result, 645 of Canadians now say they are not on track to save enough for retirement — a jump of four percentage points in the last year — of which nearly half say they are very far behind.
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