Canadians Are Concerned About The Cost Of Living Right Now & Here's What They're Cutting Down On

Around 80% said they are worried about their finances going forward.

A shopping mall in Toronto. Right: A pile of Canadian bills.

A shopping mall in Toronto. Right: A pile of Canadian bills.

More and more Canadians are worried about the rising cost of living in Canada, and they've started looking for ways to save.

Per a survey by professional services company Ernst & Young, around "80% of Canadians are concerned about their finances" as the cost of living rises across the country.

Moreover, around 63% have "low economic confidence" and 69% "expect their living costs to increase even further in the upcoming six months."

These concerns are being felt across all income brackets, with 87% of lower income, 77% of middle income and 64% of high-income earners feeling some anxiety about what's to come next in the economy.

These fears have caused some Canadians to look for ways to save a buck, with folks resorting to some old-school strategies.

According to the survey, consumers are more likely to resort to repairing items rather than replacing them. They are also buying things second-hand or cutting back on food waste in general.

And if you feel like you've had to abandon some of the new fall fits this year, you're not at all alone.

Around 72% of consumers right now don't feel the need to keep up with any upcoming fashion trends.

Plus over half don't feel the need to spend money on beauty supplies and cosmetics as much anymore. So, maybe we're seeing a bit of an economically-imposed self-confidence wave!

Part of this economic anxiety could be linked to the current rate of inflation in Canada. Though, the most recent report shows that it's gone down from 8.1% to 7.6%.

It's a nice decline but is still nowhere near the 2% goal that the Bank of Canada is gunning for.

And if you are worried about affordability in your own life, the federal government has begun work on an affordability plan that has the express goal of easing some of the financial burdens Canadians are experiencing right now.

They've announced things such as subsidized childcare, workers' benefits, and old age security increases.

This article's cover image was used for illustrative purposes only.

Tristan Wheeler
Tristan Wheeler was a Creator for Narcity Media focused on money and budgets and is based in Toronto, Ontario.