A majority of Canadians are bracing for some degree of financial pain stemming from the Bank of Canada’s latest interest rate hike, according to new survey data from the Angus Reid Institute.
The findings published Thursday come a week after the central bank again raised its benchmark interest rate, this time to five per cent – the highest it’s been in 20 years – in a bid to reign in persistently high inflation.
Three-in-five respondents to Angus Reid’s survey, or 59 per cent of people, said they expect the increase will have a negative impact on their personal finances, and a third said they expect “significant challenges” due to the rate hike.
