As the heightened cost of living continues to weigh on household budgets, Canadians are reportedly dipping into their savings to pay for basic needs, which some financial experts caution against doing.

However, multiple reports show that some feel they have no other option but to sacrifice long-term savings to make ends meet now.

“I see the price of things every day when I go to the grocery store or go to shops, and I hear it all the time when people connect with me online and talking about ‘what can I do?'” says financial planner Jessica Moorhouse.

“I know the advice is to ‘save and invest for your future,’ but I’m just trying to pay my rent and pay my bills.”

Canadians dipping into their savings

According to an Ipsos poll conducted exclusively for Global News , 42 per cent of re

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