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

By Staff The Canadian Press Posted February 23, 2023 9:34 am 1:48 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. 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. Trending Now 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. Story continues below advertisement 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. 1:26 1 in 4 Canadians can’t afford $500 unforeseen expense as inflation bites: report &copy 2023 The Canadian Press