About 80% of Canadians have responded to price increases with spending decreases in the last few months, a 6% increase from February, according to a poll released by the Angus Reid Institute on Monday. .The poll said 57% of Canadians have cut back on discretionary spending. About 42% of respondents said they have delayed a major purchase. .The poll went on to say 41% of Canadians are driving less. It added 32% have cancelled or scaled back planned travel. .About 27% of respondents have scaled back donations and charitable giving. There were 19% of them who had deferred from or not made contributions to an RRSP or TFSA. .Angus Reid said 5% of Canadians have taken some other action to cut spending. There were 20% of Canadians who said they have not adjusted their spending habits. .The poll said many Canadians have concerns about finances. About 52% said they could not manage a sudden expense of more than $1,000. .It said 38% would use a surprise bonus of $5,000 to remove debt pressures. One in ten Canadians said they would use this bonus to pay for basic needs. .People in Saskatchewan (58%) and Atlantic Canada (50%) were more likely than those in other parts of Canada to use a sudden gift of $5,000 to pay off debt. People in those provinces and Alberta were more likely than others elsewhere to say they had been cutting back spending in recent months. .More than half of Canadians said they cannot keep up with the cost of living. Two in five Canadians said they were keeping up. .Canada’s inflation rate was 7.6% in July, down from an 8.1% gain in June, said Statistics Canada. .READ MORE: Canada’s inflation rate dropped to 7.6% in July.Prices, excluding gas, rose 6.6% year over year in July, following a 6.5% increase in June. .Gas prices rose 35.6% year over year in July after a 54.6% increase in June. Canadians paid 9.2% less for gas in July compared to the previous month, the largest monthly decline since 2020. .The poll was conducted online among a representative random sample of 2,279 Canadian adults who are members of the Angus Reid Forum from August 8 to 10. It has a margin of error +/- two percentage points, 19 times out of 20.
