As Canadians are battling inflation, a recent CIBC poll found that up to 61 per cent have done some form of cost-cutting but few will postpone major life events.
The poll found that only two per cent of those surveyed plan to delay getting married, six per cent to hold off buying a first home and two per cent to delay having a child.
Some plans are being delayed due to inflation, though. About 15 per cent said they will delay home renovations and 20 per cent say they will postpone taking a vacation next year.
The bank surveyed 1,510 randomly selected Canadian adults in early August.
A large majority (86 per cent) say they are concerned about inflation, while more than half (54 per cent) say they are concerned about their ability to pay for daily expenses such as gas and groceries.
Nearly half of respondents (46 per cent) say they are cutting back on non-essential spending such as eating out at restaurants and entertainment, while 43 per cent are reducing their spending by purchasing cheaper items and couponing.
As inflation continues to hurt Canadians’ wallets, 30 per cent believe Canada is heading into a recession, while nearly a quarter of respondents (23 per cent) believe we are currently in one.
Inflation and the cost of living have become key concerns for voters as its annual rate rose to four per cent in August despite multiple interest rate hikes. Both Prime Minister Justin Trudeau and Conservative Leader Pierre Poilievre have taken notice of the concern.
Poilievre has been critical of government spending and says it is a factor in inflation, while Trudeau has recently announced a number of measures to address the cost of living. Those include threatening extra taxes on grocers unless there’s a plan to lower prices by Thanksgiving and the removal of GST on rental builds in an attempt to increase supply and lower prices.
CEOs of major grocery companies in Canada met with Industry Minister Francois-Philippe Champagne on Monday, while the bill to remove the building GST was tabled Thursday.
Ipsos polling for Global News on Thursday found that 40 per cent of Canadians say Poilievre is the best choice to be prime minister, with 31 per cent saying the same for Trudeau.
Ipsos CEO Darrell Bricker told Global News the Conservatives could form a majority government if an election were held today.
“When you take a look at why Canadians are feeling the way they are right now, (there’s) real dissatisfaction with the direction of the country, particularly when it concerns the big issues that are on their personal agendas,” Bricker said, citing cost of living, access to housing and inflation.
“So a real economic set of concerns.”
— with files from Global News’ David Baxter.