POLL: NEARLY ALL CANADIANS TIGHTENING THEIR BELTS AMID HIGH INFLATION

Sep 29, 2022

By Bob Komsic

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Who isn’t spending less, counting their pennies?!
Seems just about every Canadian.
That according to a new Angus Reid Institute survey that finds nine-in-ten Canadians (88%) report belt-tightening measures; an 8-point increase from August.
They’re most likely to be cutting back on discretionary spending (66% ) and putting off major purchases (50%).
One-in-four (26%) now say they’re deferring contributions to their retirement or savings; up from one-in-five (19%) just six weeks ago.
Canadians are split over what they would like to see going forward, with one-in-three (33%) saying they would hold the line on the Bank of Canada’s key interest rate, and one-in-five (20%) saying the rate should continue to rise or be cut (23%).
Close to half of Canadians (46%) say they’re worse off now than a year ago when it comes to personal finances – a 12-year high.
Half (51%) say it’s hard to feel their household; a proportion that’s persisted throughout this year.
The number rises to seven-in-ten (68%) among those with household incomes below $50,000.
Ahead of Thanksgiving and the holiday season, two-in-five Canadians (40%) say they’re putting off or cancelling travel plans due to financial concerns.
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