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Fewer Canadians are unable to cope with interest rates versus a year ago



A recent Yahoo Canada/Maru Public Opinion poll reveals that fewer Canadians are finding it hard to cope with high interest rates compared to a year ago. The survey, conducted among over 3,000 Canadians, shows a significant drop in financial strain. Only 25% of respondents report struggling with interest rates now, compared to 33% last year. This improvement indicates that more Canadians are adapting to the economic climate.


Interestingly, 43% of Canadians feel that higher rates have not significantly impacted their finances, a notable increase from 29% last year. This shift suggests that a larger portion of the population is managing their finances better amid rising interest rates.


However, the poll also highlights ongoing concerns, particularly among mortgage holders. Many are still worried about potential future rate hikes and their ability to handle increased payments. Despite these concerns, the overall trend points to improved financial resilience.


The poll's findings come as Canada continues to navigate economic uncertainties, with interest rates being a key factor influencing household budgets. The Bank of Canada has been adjusting rates in response to inflation, and these changes directly affect borrowing costs for Canadians.

Financial experts advise that those struggling with interest rates should explore options such as refinancing their mortgages, consolidating debts, or seeking financial counseling. These strategies can help mitigate the impact of higher rates and improve financial stability.


Overall, the poll's results are a positive sign of Canadians' growing ability to cope with economic challenges. However, it also underscores the importance of ongoing financial planning and education to help more individuals and families navigate the complexities of interest rates and inflation.


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