53% of Canadians surveyed can't manage sudden expense of more than $1,000 | iNFOnews | Thompson-Okanagan's News Source

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53% of Canadians surveyed can't manage sudden expense of more than $1,000

Image Credit: PEXELS/Mikhail Nilov

A new survey shows more than half of Canadians feel they’re being outpaced by the rising cost of living.

The survey from the non-profit Angus Reid Institute shows 53% say they can’t keep up, while 44% say they have yet to feel that pressure.

In January, for the first time since 1991, inflation measured by the Consumer Price Index surpassed 5%. The cost of many key items is rising, and some of the most important ones – energy, food and transportation – are rising faster than others, according to the report.

Within this context, a little more than half of Canadians say they would be unable to cover an unexpected $1,000 expense (51%), including one-in-seven who say they couldn’t deal with a surprise bill of any amount because their budget is already too stretched.

Three-quarters of Canadians surveyed say they’ve modified their spending in recent months.

Image Credit: Angus Reid Institute

Discretionary spending (53%), major purchases (41%), extra trips in the car (31%) and vacations (29%) are some of the things that Canadians say they’ve foregone recently. One in five (22%) say savings have been deprioritized.

Canadians are more stressed than not about financial issues, according to the report. Seven in ten (70%) say money is a source of stress, double the number (28%) who say it never bothers them.

The Angus Reid Institute conducted an online survey from Feb. 11 to 13, among a representative randomized sample of 1,622 Canadian adults who are Angus Reid Forum members.

To contact a reporter for this story, email Carli Berry or call 250-864-7494 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

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