A Canada Pulse Insights poll found about eight in 10 British Columbians have cut personal spending due to cost pressures, with groceries among the top concerns.
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British Columbians say they are cutting back because of rising costs, according to results from a Canada Pulse Insights poll conducted for Rogers OMNI TV.
The survey found that around eight in 10 respondents said they have cut their personal spending because of cost pressures. The most common areas where people reported cutting back were entertainment, groceries and food, travel, and gifts.
The poll reported that 80 per cent of Metro Vancouver and Okanagan Valley respondents said they have been forced to reduce their budgets within the last 12 months, while 76 per cent of people surveyed on Vancouver Island said the same.
When respondents were asked to identify their top three cost concerns, groceries were the most widely reported pressure in all three regions. The results showed groceries were among the top three concerns for 69 per cent in Metro Vancouver, 70 per cent on Vancouver Island, and 76 per cent in the Okanagan Valley.
Utilities ranked second across regions, with 36 per cent of Metro Vancouver respondents naming utilities among their top concerns and 43 per cent of Vancouver Island and Okanagan Valley respondents doing so.
The poll also found that younger adults and lower-income households reported having to cut back more than others. Among those aged 18 to 34, between 86 and 92 per cent reported reducing spending, while for households making less than $50,000, between 88 and 91 per cent said they have cut back.
In grading respondents’ ability and opportunity to get ahead financially, around a third rated it as either a ‘D’ or ‘F’.
The survey broke down results by area as follows: in Metro Vancouver, 80 per cent said they have cut spending, including 50 per cent who reported cutting groceries and food. In the region’s inner area, 83 per cent in Surrey and 81 per cent in the rest of Metro Vancouver reported cutting back, while 76 per cent in the City of Vancouver said they have cut spending.
On Vancouver Island, 76 per cent said they have cut spending, and groceries were identified as a financial pressure by 70 per cent. In the Okanagan Valley, 80 per cent reported cutting back, and utilities were listed among top financial pressures by 43 per cent.
For personal financial outlook, between 39 and 47 per cent of residents aged 18 to 34 rated their opportunity to get ahead financially as a ‘D’ or ‘F’.
The poll was conducted between Sept. 28 and Oct. 14 and surveyed 1,374 residents in Metro Vancouver, 511 on Vancouver Island, and 498 in the Okanagan Valley. The margin of error was plus or minus 2.6 percentage points for Metro Vancouver, plus or minus 4.3 for Vancouver Island, and plus or minus 4.4 for the Okanagan Valley, 19 times out of 20.
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