Price increases are being met with spending decreases by Canadians, but certain parts of the country are tightening their belts more than others.
Monthly price increases in Canada have soared this past year and with them, have come decreased rates of spending.
This number has increased since February when the same poll found six per cent fewer Canadians reported a tightening of their spending habits. Across Canada, the levels of penny-pinching vary depending on which region of the province you land in. In Saskatchewan and Atlantic Canada, at least half of those surveyed said they would use a sudden gift of $5,000 to pay off debt. This compares to only 36 per cent in B.C. and Ontario, and 33 per cent in Quebec.
Meanwhile, in Atlantic Canada, Kurl says the higher proportion of retirees living on fixed incomes in a somewhat isolated part of the country, may have something to do with its respondents' feelings about spending and debt. Charities are bearing a large brunt of Canadians’ spending cuts, with approximately a quarter of those surveyed saying they’ve trimmed back their donations. But the climate is experiencing a moment of relief as two in five Canadians report driving less.
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