As the cost of living rises, Canadians are feeling the pressure in their bank accounts, even for something as necessary as getting food on the table.
According to a report released on Wednesday, groceries are putting the most financial strain on Canadians.
Digital life insurance provider PolicyMe conducted a survey that asked Canadians to rank their financial priorities, stressors and expenses they expect to see increase in 2022.
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Groceries topped the list of financial stressors at 59%, followed by gas and transportation (40%), credit card debt payments (28%), rent (24%) and mortgage interest rates (15%).
With 77% of responses, groceries also topped the list of expenses Canadians expect to increase.
This comes a month after Canada’s Food Price Report predicted that a family of four will pay an extra $966 for food a year, for a total annual grocery bill of $14,767.
However, PolicyMe also found that despite this dismal outlook, Canadians are still feeling positive about their finances.
“While concerns around inflation, rising interest rates, and housing affordability are causing stress for many families, Canadians have a positive outlook for 2022: they feel in control of their finances, they are saving a high percentage of their income, and they have a strong sense of financial resilience,” said PolicyMe CEO Andrew Ostro in a news release.
The survey found that 67% of Canadians still feel in control of their finances and that 45% of people across the country are making regular contributions to their savings.
The survey was conducted from December 2 to 3, 2021, with a sample of n=1,501 Canadians who are members of the online Angus Reid Forum, balanced and weighted on age, gender, region and education. Margin of error of +/-2.5 percentage points at a 95% confidence level.