Meanwhile, debt is a concern with 82% reporting that their levels of debt has increased, up 14 points from last year, while 42% say that their debt has become “overwhelming” – that’s almost double the 2021 level.
Saving and spending
Inflation means that there is less money available to save for emergencies, large purchases, and retirement. Six in ten respondents are saving less than they were in 2021, or not saving at all.
More than two thirds of younger Canadians (age 18-24) say they have no retirement savings at all and 32% of all respondents say they have no idea what their retirement plan will be. For one third, they believe they will never stop working (through part-time/occasional work), despite wanting to retire.
Discretionary spending has also taken a hit with 61% having cut spending on restaurants/take-out, along with travel (60%) and home electronics (53%).
The poll was conducted for BDO Canada by Angus Reid Forum and included a randomized sample of 2008 Canadian adults.
