Poll: Nearly 9 in 10 Canadians are tightening household budgets in the face of rising inflation

A new poll from Angus Reid Institute found that nine-in-ten Canadians (88%) are reporting tightening household budgets.

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Angus Reid Institute says that most of the budget-cutting is coming from cutting back on discretionary spending (66%). Additionally, 50% said they are delaying major purchases in the face of continued financial uncertainty.

The poll found that all polled forms of budget tightening have increased since the last time this poll was conducted a month prior in August. 

A significant figure from the poll is that 26% of Canadians now say they are deferring contributions to their retirement or savings, which is up from 19% who said the same six weeks ago.

When asked if they are better off or worse off financially than they were a year ago, 46% of Canadian respondents said they were worse off. 

Angus Reid also says that “reports of worsening finances are most prominent among those with lower income levels, while notably, one-quarter of those with income levels of more than $200,000 say that their situation has improved in the past 12 months as economic activity has picked up”. 

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