In-house Privy Council research found 36% of Canadians worry they will never enjoy the standard of living their parents did, according to Blacklock’s Reporter. The Privy Council rated the cost of living as the largest worry shared by Canadians (69%). Other large worries were climate change (63%) and the possibility of a recession (47%). The data obtained through an access to information and privacy request followed a report conducted by Statistics Canada on February 22 that found inflation has eaten away at young families’ standard of living. Statistics Canada pointed out most workers “have seen their purchasing power decline.”“Wages and earnings have not kept pace with price pressures, especially those related to food and shelter,” said Statistics Canada. “High inflation, especially for food products, has put a severe strain on living costs, especially among more vulnerable households as income and saving levels adjust to the withdrawal in pandemic-related supports.”With increases in the cost of living, it said they “are having a negative impact on net saving and wealth, especially for more vulnerable households.”“Low- and middle-income households have seen large reductions in their net savings while younger households have become more leveraged,” it said. Statistics Canada said on February 20 the inflation rate ticked downward in January and set the stage for a possible Bank of Canada interest rate cut later in the spring.READ MORE: January inflation decline opens path to interest rate cuts; uncertainty persistsIts headline number came in at 2.9% — down from 3.4% in December and exceeding most analysts expectations of 3.3%. Although it was fuelled by 4% lower year-over-year gas prices, January marked the first month-to-month decline in the inflation rate on a seasonally adjusted basis — the first time it has happened since the start of the COVID-19 pandemic four years ago.The poll was conducted in an unknown method with 2,000 people during unknown dates. No margin of error was assigned to it.
In-house Privy Council research found 36% of Canadians worry they will never enjoy the standard of living their parents did, according to Blacklock’s Reporter. The Privy Council rated the cost of living as the largest worry shared by Canadians (69%). Other large worries were climate change (63%) and the possibility of a recession (47%). The data obtained through an access to information and privacy request followed a report conducted by Statistics Canada on February 22 that found inflation has eaten away at young families’ standard of living. Statistics Canada pointed out most workers “have seen their purchasing power decline.”“Wages and earnings have not kept pace with price pressures, especially those related to food and shelter,” said Statistics Canada. “High inflation, especially for food products, has put a severe strain on living costs, especially among more vulnerable households as income and saving levels adjust to the withdrawal in pandemic-related supports.”With increases in the cost of living, it said they “are having a negative impact on net saving and wealth, especially for more vulnerable households.”“Low- and middle-income households have seen large reductions in their net savings while younger households have become more leveraged,” it said. Statistics Canada said on February 20 the inflation rate ticked downward in January and set the stage for a possible Bank of Canada interest rate cut later in the spring.READ MORE: January inflation decline opens path to interest rate cuts; uncertainty persistsIts headline number came in at 2.9% — down from 3.4% in December and exceeding most analysts expectations of 3.3%. Although it was fuelled by 4% lower year-over-year gas prices, January marked the first month-to-month decline in the inflation rate on a seasonally adjusted basis — the first time it has happened since the start of the COVID-19 pandemic four years ago.The poll was conducted in an unknown method with 2,000 people during unknown dates. No margin of error was assigned to it.
