Inflation Impact: Canadians are Slashing Essential Living Costs to Counteract Rising Prices

As inflation surges, an increasing number of Canadians are countering the heightened cost of living by downsizing their household expenses and even essential living expenses.

A recent survey conducted by BDO Debt Solutions investigates affordability and debt in Canada, spotlighting Canadians’ strategies for handling the economic crunch. It reports that 56% of respondents feel the necessity to eliminate non-essential spending to survive the inflation, while 30% are so inundated by their debt that they feel helpless.

BDO Affordability Index Spring 2023 (CNW Group/BDO Canada LLC)

The web-based poll conducted by Léger surveyed more than 1,500 Canadians and discovered that 37% of respondents plan to slash their debt over the next 12 months via improved budgeting practices. This figure rises to 47% among respondents aged 18-34. Meanwhile, 58% of lower-income households earning less than $40,000 are not just cutting back on non-essentials but also vital necessities like food, clothing, and even utilities usage.

Selkirk Copper Mines — sponsored Sponsored · Selkirk Copper Mines

Moreover, the idea of supplementing income streams through supplementary gig jobs is increasingly favoured as a method to endure the affordability crisis and repay debt. About 31% of Canadians are prepared to undertake additional work for more financial autonomy, while 24% of respondents aged 18-34 have already diversified their income via part-time work to counteract inflation.


Information for this briefing was found via BDO Debt Solutions. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Tungsten Went 6X. I Went to See the Deposit Time Forgot | DD-on-the-GO! – Rackla Metals Inc

The World’s Largest Undeveloped Gold Project Nears a Deal | Rudi Fronk – Seabridge Gold

One of the World’s Biggest Copper Mines Could Reopen Just to Shut Down | First Quantum

Recommended

First Majestic Produces 3.4 Million Ounces of Silver in Q3 2026, Jerritt Canyon Restart Remains on Track

Altamira Gold Drills 134 Metres of 0.5 g/t Gold at Maria Bonita, Hole Ends in Mineralization

Related News

Biden Touts ‘Tentative Deal’ With Unions To Prevent Railway Shutdown: 24% Effective Wage Increase, US$11,000 Payment Each

US President Joe Biden is taking a victory lap after his administration put forth a...

Thursday, September 15, 2022, 10:52:00 AM

Canadian Consumer Prices are the Highest in a Decade… But It’s Just Transitory

Did you feel that your pocketbook was a lot emptier last month after paying for...

Saturday, May 22, 2021, 01:11:00 PM

Bank Of Canada Could Raise Interest Rates By 75 Basis Points — Economists

After Canadian inflation soared at a 39-year-record high of 7.7%, most economists believe that the...

Monday, July 11, 2022, 12:38:00 PM

Kimberly-Clark Forecasts Price Increases as Inflationary Pressures Accelerate, Supply Chain Disruptions Worsen

In yet another sign that inflation pressures are proving to be a lot more than...

Tuesday, October 26, 2021, 04:48:00 PM

Christine Lagarde: ‘Inflation Came From Nowhere,’ ECB Must Continue Raising Rates Despite Recession Risk

The European Central Bank has been left playing a game of catch-up on borrowing costs,...

Wednesday, November 2, 2022, 06:18:19 PM