A growing number of Canadians are relying on their savings or borrowing money to cope with high living costs and make ends meet, according to a new survey by the Angus Reid Institute.
About 40% of Canadians said they’ve had to take money from their savings to keep up with inflation, while 35% said they’ve had to defer retirement contributions, the survey found.
Other people said they’ve had to borrow money from family and friends (13%), sell assets (11%), or get a bank loan (8%) to help cover everyday living expenses.
Two-thirds of people surveyed also said that they continue to cut back on discretionary spending to cope with rising consumer costs.
Nearly half of all workers (45%) said that they have not received additional compensation from their employer to help offset the rising cost of living in Canada.
The Angus Reid Institute conducted an online survey from March 30-31 of this year. The survey was carried out among a randomized sample of 1,600 Canadian adults.
The survey cannot be assigned a margin of error because it was conducted online.