Canadian consumers aged 18-34 are more likely to say that rising interest rates are having a negative impact on their spending.
A total of 53% of under 35s say that rising interest rates are curbing their spending; 4 in 10 of those across all age groups say that.
The figures are part of a new report from Nanos Research which found that 10% of Canadians say interest rate rises are a positive influence on their spending and 47% say there is no impact.
“Research suggests that age is a significant determinant of the possible impact of rate hikes on the personal spending of Canadians,” Nik Nanos, chairman at Nanos Research told Bloomberg. “The spending of younger Canadians, under 35 years of age, will likely be squeezed the most.”
For all age groups, a negative impact of interest rate is felt most by those in Quebec (47.9%) and the Prairies (47.6%).
The report does not specifically address whether younger Canadians are cutting back on spending while continue to save for a down payment, or whether the rise in the cost of existing debts is negatively impacting their ability to buy a home.
