Canadians continue to struggle financially due to higher costs: RBC poll

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A new report says nearly half of Canadians polled say they can’t maintain their standard of living due to rising costs.

The survey done for RBC found 48 per cent of those asked say they can no longer maintain their standard of living, while 48 per cent also say they believe they won’t ever be able to get ahead financially.

While inflation has returned to the Bank of Canada’s target of two per cent, the RBC report found Canadians are continuing to struggle financially.

The poll found that 50 per cent of those asked say they are spending all of their income on essential bills and expenses, while 47 per cent say they have dipped into their emergency fund or retirement savings to help cope with rising costs.

It says 60 per cent of those polled are worried they don’t have enough money to cover unexpected expenses.

The online poll commissioned by RBC included 1,515 Canadians questioned between Nov. 1 and Nov. 5, 2024.

The poll does not include a margin of error because online surveys are not considered truly random samples.