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Sept 19, 2023

Most renovations still on despite inflation

Canadians are making adjustments to their finances with 86% concerned about inflation and 54% concerned about their ability to pay for day-to-day expenses such as gas and groceries, says a poll by CIBC. Almost half of all Canadians (46%) say they are cutting back on their nonessential spending such as entertainment and dining at restaurants, while 43% are actively reducing their day-to-day spending by purchasing lower-cost items and couponing. 

Most Canadians (61%) are concerned about their ability to plan for and meet future goals, or save money for longer-term needs (63%), but fewer Canadians say they've delayed bigger picture ambitions. Only 15% say they are delaying home renovations and 20% say they will postpone taking a vacation next year. Despite concerns, only 13% say they have sought advice from a financial advisor in the last three months. 

"It can be tricky to keep your bigger ambitions on track in a challenging environment, but it is possible," says Carissa Lucreziano, vice-president, financial and investment advice, CIBC. "Nobody wants to give up a family vacation or postpone a home renovation, so it's important to align your expectations to the reality of your budget so you can make compromises and continue to work on your goals."   

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