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Canadians feel less confident about finances due to inflation and income concerns: TransUnion’s Canada Consumer Pulse Study

A recent survey reveals that Canadians are increasingly concerned about their finances, with many worried about inflation, income levels, and the possibility of a recession as the year progresses.

According to TransUnion’s Canada Consumer Pulse Study for the second quarter of 2024, 57 percent of Canadian households reported that their incomes are not keeping up with the current rate of inflation. Additionally, 38 percent of respondents expect their bills and loan payments to rise in the next three months.

These concerns are influencing saving habits, with some Canadians increasing their emergency funds, relying more on available credit, or adjusting their retirement savings plans. The survey of 1,000 Canadian adults, conducted from May 1-10, also found that 46 percent of Canadians believe their household finances are worse than they had planned for this year, a four percentage point increase from the previous year. This is despite nearly 80 percent of respondents reporting that their income has either stayed the same or increased over the past three months.

Matthew Fabian, director of financial services research and consulting at TransUnion, noted, “I would say it’s deteriorated slightly from the last couple of quarters.”

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