Canadians feel the squeeze of rising inflation, survey finds
Higher expenses are leading to more Canadians living paycheque-to-paycheque and taking on growing credit card debt, according to a national survey.
It all adds up to life getting less manageable for many Canadians of late.
"Because of the rising interest rates, because of the increase in food costs, because of the increase in gas costs, where they were able to manage it before, they’re no longer able to," said Kailey Taylor, of David Reynolds and Associates in Sudbury.
“It’s something that they’ve been able to keep on top of. But now, there truly is less left at the end of every month.”
The study from the National Payroll Institute suggests 26 per cent more Canadians are living paycheque-to-paycheque compared to last year. In addition, 11 per cent are spending more than they make.
That's leaving less for the future: nine per cent of respondents said they don't save anything.
“I live paycheque to paycheque. I don’t have a big bank account, I don’t save that much money,” one person told CTV Northern Ontario.
“It’s by no means easy, in this day and age, this environment, there is inflation,” said another.
Taylor said the combination of rising costs and static income leads to an obvious conclusion.
“The fact that people don’t have savings or that there’s more people who are unable to save doesn’t surprise me,” she said.
It's not a problem that will be solved any time soon, particularly for people who sign mortgages while rates are rising.
“There current mortgage payment could be paid with their current level of debt servicing, it’s going to be more of a struggle," Taylor said.
"They’re going to make sure that their mortgage payment is a priority, which means that it’s going to come from the line of credit, or it’s going to come from the credit card payment.”
Taylor said people should live within their means -- and speak to a professional to make sure they're not overspending.
CTVNews.ca Top Stories
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
'Tactical evacuations' underway near Fort Nelson, B.C., as wildfires encroach
The BC Wildfire Service says 'tactical evacuations' began Friday near Fort Nelson, B.C., due to an out-of-control wildfire that has grown rapidly since it was discovered earlier in the afternoon.
Snowbirds in Vancouver for puck-drop flyby as Canucks face Oilers
The Canadian Forces Snowbirds will be performing a flyover across downtown Vancouver at the start of tonight's Stanley Cup playoff game between the Canucks and the Edmonton Oilers.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.