How the 'sheer cost of living' in B.C. may impact summer plans
As we head into summer, a recent survey reveals that many British Columbians are planning to reduce their spending this season.
The survey, conducted by TD, found that 34 per cent of B.C. residents plan to spend less. Among those, 56 per cent are putting that money towards daily needs like groceries, fuel, and housing.
“We’re looking to be a little bit more economical as far as how our budgets are being spent,” said Leslie Logan, a senior financial planner with TD Wealth, in an interview with Daily Hive.
This comes during a season when people might tend to spend more than they might otherwise, she explained.
“Everything is just a little bit more exaggerated as far as spending goes in the summer,” she said, adding that it is similar to spending surges during the winter holidays.
“If you’ve invited people for a barbecue, you’re paying a little bit more than your regular Wednesday night.”
Logan attributed this shift to the “sheer cost of everything.”
“We’ve felt it, particularly after COVID, that everything has increased. And we’re all feeling a little pinched across the country in our wallets … at the grocery store, at the pump, when we’re booking a holiday, or even ordering something online,” she said.
Further, with gas prices recently shooting up, 48 per cent of British Columbians said that the high cost of fuel is impacting their travel decisions.
People struggling with the cost of living have been a consistent trend throughout the year.
For example, a recent study from Wealthsimple found that B.C. parents are putting off saving for retirement due to high costs, and another poll from Research Co. reported that people are changing their eating habits because food is too expensive.
“Things have increased, and they seem to be ever increasing, and the feeling that they’ve increased is actually bigger than the actual monetary increase,” said Logan.
“We’re getting the headlines of it all the time. We’re being bombarded. We’re not just looking at our pocketbooks or the grocery store or wherever we’re spending our money — but we’re also hearing about it all the time.”
What are the ways people are cutting down on spending this summer?
Logan said that some people are redirecting the money they might have spent on a trip abroad to expenses like housing, gas, and groceries.
But she added she doesn’t necessarily think it’s a bad thing, as many people are choosing to stay within Canada for their summer holidays this year.
“You don’t have to break the bank to have a great summer,” she said. “If you ask people about their favourite summer, most people are not going to say, ‘This elaborate trip summer.’ It’s probably somewhere that they had as a kid, when they were just riding their bikes or spending time and connecting with family and friends.”
She pointed out that some people — including herself — have decided to have a ’90s summer, which she thinks could be a “potential key for a really low-cost great summer.” A ’90s summer is a trend where people cut down on screen time and aim to be more present and local.
Logan also reminded people aiming to stay on track with their financial goals that summer is a long period, even if it feels short. She suggested people consider making “trade-offs” so that they can save up for the things they really want to do.
“Perhaps take the public transportation instead of ride sharing [or] cook more at home. And then save up to be able to go, and to that great concert you’ve been hoping to go [to] at the end of the summer.”
Are you a Vancouverite who decided to have a ’90s summer this year? Email vancouver@dailyhive.com and tell us your story.