Report reveals how Canadians are coping amid tough economic situation – Okanagan | 24CA News

For many Canadians, cash is inflicting a substantial amount of stress as of late.

That’s the discovering of the 2023 Consumer Debt Report launched by the Credit Counselling Society.

The report was performed by pollster Angus Reid.

The report revealed that only a few Canadians are feeling optimistic about their monetary state of affairs in 2023, with one in three reporting feeling anxious about it.

“We’ve had such a long period of time of stable interest rates, stable inflation. It’s just been very difficult for people to kind of catch their breath,” stated Scott Hannah, president and CEO of the Credit Counselling Society, which helps individuals out of debt.

The Bank of Canada has elevated its key lending price eight instances in lower than a 12 months and inflation hit a close to 40-year excessive final August.

“People are dipping into their savings. People are utilizing credit to offset those increasing costs,” Hannah stated. “And that’s really concerning.”

According to the report, 82 per cent of individuals stated spending on necessities versus non-essentials is the principle reason for their worsening monetary state of affairs.

Sixty-three per cent stated they anticipate making cutbacks to their bills, with meals being the highest cutback.

“Consumers have only got so much room in their budget to spend,” Hannah stated. “So they’re going to make conscious decisions…maybe we’re not going to have as much fresh fruit and vegetables. We’re going to make do with canned things, they’re less expensive.”

In addition to the monetary modifications many Canadians are making, the report additionally revealed that one in three are contemplating a second job if inflation pressures proceed.

“We’re having people looking to get a second job just to take care of the roof over their head,  food in the fridge and clothes on their back,” Hannah stated.

“That’s a unique strain than somebody saying, ‘I want a second job because I want to get ahead’ or need to go on a visit.

“So it’s (a) more challenging situation today than what we’ve seen for a very long time.”

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On the streets of Kelowna, many native residents stated they had been chopping again amid the present financial local weather.

“We were just talking about that, how we should even cut back on lunch,” stated Kelowna resident Becky Salter. “It’s a $15 lunch here, $20 lunch there.”

“I’m being careful with my food choices but at the same time you’ve got to live life,” stated Kelowna resident Anthony Kneller.

“Less activities for the kids and myself, too,” stated Oksana Ustymenko, one other native resident.

“I don’t think we are spending less but we are spending beyond our means probably at this point,” stated Nicole Bernard, who additionally lives in Kelowma.

The Credit Counselling Society stated planning and budgeting are vital however so is looking for assist when money owed are piling up.

“People who find themselves in a worse financial picture are less inclined to seek help because of embarrassment,” stated Hannah. “If you find yourself in financial difficulty, get help, whether it’s from a family member who is really good with their finances that you trust or come into a professional organization like ours.

“The sooner you get help, the sooner you’re on a path to finding a solution.”

The Credit Counselling Society has seen a 100-per cent improve within the variety of individuals accessing companies from this January in comparison with final.

The non-profit group affords debt assist for gratis.

For extra info you may go to the Credit Counselling web site. 

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