Cost of living is a significant component of financial planning. The cost of living may dictate where people live and work, and a high cost of living can influence how individuals spend their free …
This item is available in full to subscribers.
We have recently launched a new and improved website. To continue reading, you will need to either log into your subscriber account, or purchase a new subscription.
If you are a current print subscriber, you can set up a free website account by clicking here.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
|
Cost of living is a significant component of financial planning. The cost of living may dictate where people live and work, and a high cost of living can influence how individuals spend their free time.
Data from Statistics Canada indicates that consumer prices rose 4.1 percent and 5.3 percent in August 2021 in Canada and the United States, respectively. As Canadians headed to the polls in late September, a survey from Abacus Data found that 38 percent felt reducing their cost of living was a key factor affecting their vote. Similarly, a 2020 survey from TD Ameritrade found that 47 percent of Americans feel that cost of living is the biggest threat to their financial security and long-term investments. It’s worth noting that the survey was conducted prior to the pandemic. Since the onset of the pandemic, cost of living has increased considerably.
Though the fight against a rising cost of living can feel like an uphill battle, individuals can take steps to prepare for such increases.
The cost of living might be on the rise. But individuals can combat that increase in various ways. MM21C515
Comments
No comments on this item Please log in to comment by clicking here