Angus Reid Institute’s Survey Shows Signs Of Concern Among Canadian Citizens Due To Inflation

 

Many British Columbians are anxious that one of their family members would lose their job and be unable to support the family.

This is especially noticeable in the Western Provinces, where two out of every five people are concerned. According to a new poll, more than half of Canadians believe they are being left behind by growing living costs.

According to the Angus Reid Institute’s research, 53% of Canadians agree that they can’t keep up with rising costs, while 44% say they haven’t felt that pressure.

For Canadians, it’s been two years of economic uncertainty, supply chain delays, and plenty of financial stress.

Shachi Kurl, who is the president of the Angus Reid Institute, said, “The cost of just paying for the staples, food, gas, rent, The cost of heating your home, all of those things have Canadians feeling cost pressured.”

According to the study released last week, four out of five Canadians have adjusted their home menus in response to increased food prices.

Furthermore, the growing cost of gasoline and electricity, according to this poll, is exacerbating concerns about household bills.

Due to the aftermath of Russia’s invasion of Ukraine, market observers estimate that gas prices in Metro Vancouver will reach yet another all-time high.

It comes after the region’s costs climbed to fresh highs, surpassing $1.80 earlier this month.

Half of those in the survey claimed they would not be able to afford a $1,000 bill if it came up unexpectedly. One out of every seven people claimed they would not be able to handle a surprise cost because their budget was already stretched.

53% of respondents claim that their discretionary spending has changed. When it comes to significant purchases, 41% said they’ve made a different decision. Due to a desire to conserve money, 31% avoid making more automobile journeys, and 29% avoid taking any vacations.

Savings have been deprioritized by one-in-five people (22%).

According to research, residents in Manitoba, Saskatchewan, and Alberta have the most debt. In Saskatchewan, 51% of respondents believed their debt levels were excessive.

Families with children are more likely than those without to cut back discretionary spending and postpone a significant purchase, according to the survey. According to the study, they are also more likely to have deferred payments to savings accounts such as RRSPs and TFSAs.

Childcare is also a significant financial burden for many Canadian parents. Two-fifths (39%) of parents with children in childcare say it’s “tough” or “difficult” to pay for their care. However, 46% of respondents said that the cost was “manageable”.

Many Canadians believe they are lagging as inflation continues to rise.

53% say they can’t keep up with the expense of living, while nearly two-thirds disagree.

As a result, the poll indicated that Canadians are more anxious about money than they are not. Money is a cause of stress for seven out of ten people, which is more than double the number of people who claim it never concerns them.