Inflation isolation: Canadians cut social time and stay home to save money

The age of inflation means many Canadians are staying home and declining social invites to save money, and they’re experiencing loneliness, anxiety, and stress along with it.

That’s according to a new Ipsos poll commissioned by MNP Ltd., a Canadian debt advisory firm. Half (51%) of the 2,000 Canadians surveyed said they’re staying home more often lately to save money.

A third are socializing less, and one in five feel a sense of social isolation.

“Canadians are retreating from social activities and forgoing time with friends and family to cut down on costs, illustrating the isolating impacts of inflation,” Grant Bazian, president of MNP Ltd., said in a news release.

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The inability to pay for time with friends, coupled with increasing financial strain, is also contributing to mental health woes, the poll found.

Two in five Canadians surveyed reported they’re stressed, and nearly 40% said they’re experiencing anxiety because of inflation.

A third also reported they’re paying more per month on debt compared to last year.

Unexpected expenses are also stressful for Canadians right now. About a third don’t think they could cope with an unexpected car repair, a breakup with their partner, or getting sick and not being able to work for three months.

For many families, the future isn’t looking bright either. Nearly half (46%) of those surveyed don’t think they can cover all their living expenses in the next year without going further into debt.

“Debt has a way of isolating individuals. It’s not uncommon for those burdened by debt to withdraw from social activities and relationships out of shame or fear of judgement,” explains Bazian.

He wants Canadians facing rising debt to know help is available through his company, which can help people come up with ways to get out of debt. He encourages them to only trust licensed insolvency trustees, and to ignore risky, quick-fix pitches.