Four-in-five Canadians cut spending amid higher costs: Survey

Canadians are feeling the pressure from higher costs with four-out-of-five individuals saying they have cut back on spending over the past few months, according to an Angus Reid Institute survey.

In a survey of 2,279 adult Canadians, 56 per cent said they can’t keep up with the cost of living. Many individuals say they wouldn’t be able to handle any unexpected expenses in this environment, with 52 per cent saying they couldn’t manage a surprise cost of more than $1,000.

“Canadians in lower income households are much more likely to say their budget is already too stretched to accommodate any unexpected expenses,” the report states.

“One-third (32 per cent) in households earning less than $25,000 annually and 16 per cent in those earning less than $50,000 say there’s no room in their budgets for unplanned expenditures.”