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Most young Canadians weren’t prepared for the impacts of high inflation: RBC poll

Click to play video: 'Canada’s inflation drops below 6% for 1st time in almost a year'
Canada’s inflation drops below 6% for 1st time in almost a year
Canada's annual inflation rate continued to ease in January, dropping below six per cent for the first time in nearly a year, which has economists saying there's a reason for optimism. But as Anne Gaviola explains, costs remain sky-high for many Canadians and relief may be further away than originally thought – Feb 21, 2023

A new poll by RBC has found that Canadians aged 18 to 34 are much less confident today about their financial futures than they were a year ago.

Eighteen per cent of Canadians in that age group said they are confident in their financial future, down from 31 per cent a year earlier.

More than half (52 per cent) said they weren’t prepared for the impact of inflation, according to the poll conducted in October.

More than three-quarters said they have concerns about their cash flow.

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Inflation in January was 5.9 per cent, down from its mid-2022 highs, but elevated food prices and rising interest rates, among other costs, have weighed on Canadians’ wallets.

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The poll found that young Canadian adults are now paying closer attention to their finances, whether that’s their daily expenses, their debt or their investments.

Click to play video: '1 in 4 Canadians can’t afford $500 unforeseen expense as inflation bites: report'
1 in 4 Canadians can’t afford $500 unforeseen expense as inflation bites: report

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