VANCOUVER – As inflation drives up the price of almost everything around them, new data from the non-profit Angus Reid Institute finds just over half Canadians feeling like they’re outpaced by the rising cost of living.
A slight majority (53%) agree that they can’t keep up, while there are 44 per cent who say that they have yet to feel that level of pressure.
Canadians’ household budgets are becoming squeezed from all angles as the price of goods rises. Within this context, half say they would be unable to cover an unexpected $1,000 expense (51%), including one-in-seven who say they couldn’t deal with a surprise bill because their budget is already too stretched.
To make their money go further, three-quarters of Canadians say they’ve modified their spending in recent months. Discretionary spending (53%), major purchases (41%), extra trips in the car (31%) and vacations (29%) are some of the things that Canadians say they’ve foregone recently. One-in-five (22%) say savings have been deprioritized.
Seven-in-ten Canadians (70%) say money is a source of stress, double the number (28%) who say it never bothers them. One-third (36%) say they have too much debt. Regionally, that figure is highest in the prairie provinces of Saskatchewan (51%), Manitoba (46%) and Alberta (45%).
Concern over the potential of job losses is also highest in the western provinces. At least two-in-five in Alberta, B.C., Saskatchewan and Manitoba say they are worried someone in their household could lose a job because of the economy.
The cost of child care is an additional expense for parents. Two-in-five (39%) with kids in child care say it is “tough” or “difficult” to pay for it. Approaching half (46%) describe it as “manageable.”
