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What would you do with $5,000? Here’s what Canadians said amid high inflation
inflation remains near decades-high levels, almost half of Canadians say they’d spend such a windfall on paying down their debt or covering day-to-day expenses, according to a poll from the Angus Reid Institute (ARI) conducted in early August.Some 38 per cent of Canadians polled said paying down debt or some other long-term financial obligation would be their first priority, while 10 per cent said such a windfall would mostly go towards paying down day-to-day expenses.Meanwhile, 43 per cent of respondents said the money would be saved or invested and only nine per cent indicated it would go towards a “big-ticket” purchase.The $5,000-windfall question came as part of a survey from ARI examining the “toll of inflation” and asking Canadians how they’re coping with the rising cost of living. The poll, conducted online, samples more than 2,200 members of the Angus Reid Forum.Four out of five respondents said they’re cutting back on discretionary spending, putting off major purchases, scaling back travel, driving less or deferring saving in recent months.