Results from study 'show a gap between perceived and actual comprehension of financial information'
Many Canadians are feeling the strain of rising prices, according to the findings from a recent survey.
Nearly six in 10 (58%) Canadian households surveyed were found to have reduced day-to-day expenses in response to financial strain over the last year.
And 32% of households have dipped into their savings in response to the rising cost of living, reports the World Financial Group (WFG).
Overall, in looking at their current financial situation:
- 36% of Canadians feel anxious
- 37% feel concerned
- 25% feel strained.
This is the case even though 60% of Canadians surveyed are aiming to be financially secure in retirement.
“Canadians are anxious about their future and financial situation," says Rick Williams, president of World Financial Group Insurance Agency of Canada Inc.
The number of Canadians who are struggling financially today is bigger than the comparable data recorded when the COVID-19 pandemic was still ongoing, according to a previous report from Statistics Canada (StatCan).
WFG’s survey involved 8,000 respondents in the U.S. and 2,000 respondents in Canada, and was conducted between July 20 and Aug. 10, 2023.
