Amid rising inflation and cost pressures, Canadians are cutting back on spending – leaving 75 per cent of people stressing about money.
That’s according to a study from Angus Reid Institute that surveyed Canadians and was released in August.
Four-in-five Canadians said grocery stores are taking advantage of inflation to make increased profits. Fewer than one-in-ten believe instead the increased margins are due to good management by grocery chains.
Four-in-five Canadians said they have cut spending in recent months by either trimming their discretionary budget, delaying a major purchase, driving less, scaling back travel and charitable donations, or deferring saving for the future.
This shows an increase from previous data collected in February where three-quarters of people reported spending cuts, the release said.
A financial check on Canadians finds many struggling under the pressure of inflation. Just over half said they couldn’t manage a sudden expense of more than $1,000.
For two in five, a surprise bonus of $5,000 would be used to alleviate the pressure of debt. For one in ten, it would immediately be put towards daily expenses.
Regionally, data shows some parts of the country seem to be feeling more financial pain than others.
Those in Saskatchewan (58 per cent) and Atlantic Canada (50 per cent) are much more likely than those in other parts of the country to use a sudden gift of $5,000 towards paying off debt. People in these provinces and Alberta are more likely to say they have been cutting back spending in recent months.
Four-in-five Canadians said grocery stores are taking advantage of inflation to make increased profits. Fewer than one-in-ten believe instead the increased margins are due to good management by grocery chains.
One-in-five Canadians who say they are never really stressed about money are in the minority. Three-quarters of Canadians say the opposite.
One-quarter of Canadians say they have trimmed back donations and charitable giving as they have adjusted their budget recently.
More than half of Canadians say they can’t keep up with the cost of living, while two-in-five feels they are keeping pace under inflation pressures.
Like us on Facebook and follow us on Twitter.
