Faced with the rise in inflation, which reached the level of 8.1% in June, almost three-quarters of Canadians believe that now is not the time to open their wallets and make a major purchase, according to a recent survey by the Angus Reid Institute.
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Inflation is eating up some of the money Canadians have had, and they’ve been paying a lot more in recent months for essentials like groceries and gas.
Nearly 75% of respondents say they don’t think it’s a good idea to make a big purchase right now, like a car or a house. This figure is up from 2020, when 56% felt the same way.
About three in ten (28%) say they are in serious financial trouble and struggling to keep their heads above water. This is a 10% increase since July 2020.
At the provincial level, 77% of Quebecers say they are in good financial health, the highest percentage in the country.
All eyes then turned to the Bank of Canada, which increased interest rates more and more to save the day. Nearly 71% of respondents say they follow its decisions closely and 53% of them claim not to have confidence in the institution to make the right choices.
This survey was conducted online with 1,606 Canadian adults between July 18 and July 20, 2022.