The impact of inflation worries Canadians

More than half of Canadians (53%) are concerned about their ability to afford day-to-day expenses, according to a recent Scotiabank survey.

The impact of inflation worries Canadians

More than half of Canadians (53%) are concerned about their ability to afford day-to-day expenses, according to a recent Scotiabank survey.

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The poll results, released Monday, show that the majority of Canadians expect to spend more on basic necessities like groceries and food (78%) and gas (71%), while more than half (53%) expect to have to spend more on public services.

Nearly half of respondents agree that these issues have a major impact on their ability to save to achieve their long-term financial goals (47%) and maintain their standard of living (37%).

"Inflation is causing financial anxiety for Canadians, especially young people and women who have also been hardest hit by the pandemic," said D'Arcy McDonald, Senior Vice President, Payments and Unsecured Credit. - Individuals, Scotiabank.

“Everything costs more and Canadians are worried about their ability to afford basic necessities like food and gas. But at the same time, there have never been so many jobs, wages are rising and inflation will slow over time,” McDonald said.

Quebecers among the least worried

Canadians living in the Atlantic provinces are more likely (49%) to say that inflation has a major impact on their ability to set and stick to their budget, compared to residents of British Columbia and Quebec (36%).

When it comes to financial anxiety, residents of La Belle Province are the least likely to worry about their ability to pay for day-to-day expenses (57%), compared to those in Alberta (45%), Manitoba , Saskatchewan (44%), Ontario (43%) and the Atlantic provinces (39%).

The survey, conducted by Maru/Blue on June 29 and 30 among 1,512 Canadians, also shows that women, young people and low-income households are the most concerned about their financial situation in the coming months.

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