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Canadian Millennials Are Feeling Higher Rates in Their Wallets

  • 53% of those under 35 see an impact on spending, poll shows
  • Survey suggests higher borrowing costs already hitting economy
A shopper browses clothing in Kensington Market in Toronto, Ontario.

A shopper browses clothing in Kensington Market in Toronto, Ontario.

Photographer: Brent Lewin/Bloomberg

More than half of Canadians under 35 years old said they are spending less because of recent interest rate increases, according to a survey by Nanos Research.

Some 30 percent of respondents in that bracket report higher rates are having a negative impact on their personal spending, with another 23 percent saying the effect is somewhat negative. Among respondents of all ages, 41 percent reported at least a somewhat negative effect from higher rates. Nanos conducted the polling on behalf of Bloomberg between April 28 and May 4.