Sixty-one percent of British Colombians surveyed in a new poll admit they can not keep up with the cost of living, so many are trimming their budgets to make room to pay down debt.
While Statistics Canada reported the inflation rate fell last month, prices have risen by 7.6% since July 2021.
According to a poll from the Angus Reid Institute, Canadians are spending less in response.
As most Canadians trim their budgets to make room for ballooning costs for daily necessities, many across the country feel left behind. https://t.co/aFV5I0B5tT pic.twitter.com/mkRInFf4Cp
— Angus Reid Institute (@angusreidorg) August 22, 2022
A total of 58% of British Columbians are cutting back on discretionary spending, 43% have delayed making a major purchase, and 45% are driving less.
There have also been cutbacks to how much money people donate and how much they contribute to their RRSP or TFSA.
Some folks are scaling back or altogether cancelling their planned trips.
Angus Reid Institute also asked participants that if they received a surprise $5,000 bonus, what would they use it for?
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Thirty-six percent of British Columbians said they would pay down debt, 48% would put it into their savings account or invest it, 9% would spend it on a big ticket item, and 7% would use it to pay day-to-day expenses.
As the cost of borrowing increased significantly this year, about 37% of people in the province worry they have too much debt.
For the online survey, 2,279 Canadian adults who are members of the Angus Reid Forum participated. “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,” the Institute says.