Faced with rising inflation, which reached 8.1% in June, almost three-quarters of Canadians felt that it was not time to open the wallet and make a major purchase. , according to a recent survey by the Angus Reid Institute.
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Inflation is eating up part of the finances of Canadians, who find themselves spending much more in recent months on essentials, such as groceries and gas.
Nearly 75% of respondents said they don’t think it’s a good idea to make a major purchase, like a car or a house, right now. This figure is up from 2020, when 56% felt the same way.
About three in ten (28%) also said they were in serious financial difficulty and struggling to keep their heads above water. This is a 10% increase since July 2020.
However, 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 indicated that they follow these decisions closely and 53% of them maintained that they did not trust the institution to make the right choices.
The survey was conducted online with 1,606 Canadian adults from July 18-20, 2022.