More than three-fourths of Canadians admit to experiencing money-related stress
As many as four out of five Canadians have cut back on their spending over the past few months due to inflationary pressures, according to a new study by Angus Reid.
Amid mounting unaffordability, Canadian consumers have trimmed their discretionary budgets, delayed major purchases, drove less, reducing travel and charitable donations, or deferred saving for the future, Angus Reid said.
Fully 76% of Canadians also said that they are currently stressed about money, with more than half (56%) admitting that they can’t keep up with the costs of living.
Read more: Mortgage lenders’ results show concern in Canada
The weight of debt is especially prevalent among residents of Saskatchewan (58%) and Atlantic Canada (50%), who were found to be much more likely than those in other parts of the country to use a sudden gift of $5,000 towards paying off debt.
“A financial temperature check of Canadians finds many sweltering in the heat of inflation,” Angus Reid added. “Half (52%) say they couldn’t manage a sudden expense of more than $1,000. For two in five (38%), a surprise bonus of $5,000 would be used to alleviate the pressure of debt. For one in 10, it would immediately be put towards daily expenses.”
