Young people's financial confidence plummets

Nearly two-thirds of young Canadians aged 18 to 24 feared they would run out of money to pay for living expenses in April, a CIBC poll released Wednesday found.

Young people's financial confidence plummets

Nearly two-thirds of young Canadians aged 18 to 24 feared they would run out of money to pay for living expenses in April, a CIBC poll released Wednesday found.

Far from sparing young people, galloping inflation – which reached 6.8% in the country in April according to the most recent data released on Wednesday – due to the war in Ukraine and the rise in the price of gasoline, among other things. , continues to hurt the wallets of Canadian youth.

Thus, 65% of young Canadians said they feared “not having enough money to pay for their living expenses”.

A share of 42% of respondents say they are not able to save at the moment, while 48% say they are “savers” and 69% claim to know how to save. However, half of respondents think they are behind compared to people their age.

Nevertheless, the survey reveals that 35% of young people are ready to seek financial services to straighten out their finances, while 51% turn to their family or friends for financial advice.

The survey was conducted from April 7 to 17 by the Maru firm with a web panel comprising 1,251 adults aged 18 to 34.


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