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Aug 24, 2022

Inflation Causing Decreased Spend

With prices up 7.6 per cent since July 2021, Canadians are responding by spending less, says data from Angus Reid Institute. Eighty per cent say they have cut spending in recent months by either trimming their discretionary budget, delaying a major purchase, driving less, scaling back travel and charitable donations, or deferring saving for the future. This represents an increase from the three-quarters (74 per cent) who said so in February. The data says half of Canadians couldn’t manage a sudden expense of more than $1,000. More than half (56 per cent) say they can’t keep up with the cost of living, while two-in-five (39 per cent) feel they are keeping pace.

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