Many Quebecers find themselves in economic precariousness accentuated by the unfavorable savings rates of financial institutions.
• Read also: BMO may acquire Bank of the West for more than $16 billion
• Read also: Inflation: half of Canadians pessimistic regarding their salary
• Read also: Slight decline in inflation in Canada
These maintain a rate between 0 and 1.5% unlike an inflation rate which is 6%.
When you want to borrow, the interest rates to be repaid, even the lowest, as is the case for a student loan, never go below 3%.
As explained by Francis Gosselin, economist, “It means that if you leave your $100 in your account and it gains 1.5%, well in fact, you have just lost 4.5% of purchasing power. over a year, so you are impoverished leaving the money in a savings account”.
According to this expert, savers should be entitled to a rate of 3 to 4%, that is to say more than double.
Savers interviewed by TVA Nouvelles are unanimous: “the banks are putting a little too much in their pockets”, however, “they are able to help us a little bit”.
“It’s not easy,” said another consumer. Many Quebecers live from pay to pay; One does what one can. We try to put some aside for the children as well, but it’s not easy. Inflation right now is extreme.”
Another witness stated: “We have almost nothing in our savings accounts; they don’t give us anything, it doesn’t make sense”.
