Inflation has been on the mind of many Canadians these days, and one recent survey shows that the majority are cutting back on spending to counteract just that.
A poll by Angus Reid tells us that prices across the country have risen by a massive 7.6% since July of last year, which means the Bank of Canada is pretty far off from its target rate of 2%.
Because of this, the majority of Canadians are battling price increases with spending decreases—like cutting back on their “discretionary budget”, putting off major purchases, driving less, scaling back travel and charitable donations, or even delaying saving for the future.
In fact, more than half (56%) of Canadians say they can’t keep up with the cost of living—while a whopping 61% of British Columbians feel the same way.
The survey also notes that 22% Canadians who say they are never really stressed about money are currently in the minority, while 76% say the opposite.
Additionally, many believe there’s more to rising grocery bills than just inflation—78% say they feel that grocery stores are taking advantage of inflation to boost profits.
Representatives for some of the larger Canadian grocery store companies have denied profiting off of inflation, saying efficiency gains and increased sales of high-margin profits, rather than price gouging, is an explanation for their growth.
Are you pinching pennies due to the current state of Canada’s financial landscape? Let us know in the comment section!
The Angus Reid Institute conducted an online survey from August 8th-10th, 2022 among a representative randomized sample of 2,279 Canadian adults who are members of Angus Reid Forum. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 2.0 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding