Kids are feeling the pinch of Canada’s cost of living crunch, poll finds
Canadian families are still strapped for cash even as inflation cools and interest rates start to trend lower, new polling released Wednesday suggests.
Ipsos polling conducted exclusively for Global News shows that it’s often kids who are feeling the pinch from the rising cost of living.
The survey, which polled more than a thousand Canadians from Aug. 23 to 26, found that more than six in 10 respondents (63 per cent) are concerned they wouldn’t be able to absorb any unexpected costs of $1,000 or more; that figure rises to 72 per cent among parents.
Some 43 per cent of Canadians are worried they might not have enough money to feed their families, which Ipsos notes has dropped 10 points from December last year. But those concerns are still prominent for 54 per cent of parents, according to the poll.
A third of parents indicated they’ve been telling their kids “no” more often to deal with the higher costs of living. Three in 10 parents said they’ve pared back their back-to-school spending, while 16 per cent said they’re cutting back on organized sports for their kids.
Meanwhile, some 63 per cent of respondents are also worried that economic hardship will force them to push back future plans like travelling, buying a home or starting a family.
Almost half of those surveyed (48 per cent) said they’re worried they won’t be able to pay off their full credit card bill, and a quarter said they’ve been dipping into savings to make ends meet.
Others indicated that they’re continuing to cut back on dining out (55 per cent), putting off purchases like new clothes (43 per cent), paring down holiday spending (36 per cent) and buying fewer fresh vegetables, fruit and meat (27–28 per cent).
The ongoing financial stress comes despite
Read more on globalnews.ca
