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Summertime And The Livin’s Expensive

(CNW Group/Money We Have)

A new CIBC survey finds Canadians are hoping to enjoy summer but most (80 per cent) are concerned about the impact of rising inflation on their ability to enjoy themselves this summer season.

Canadians expect to spend approximately $1,900 this year on summer activities, which is an increase of $400 from 2021, and most of those who expect to increase their spend (76 per cent) name inflation as the leading cause.

Typical summer spending includes:

A majority of Canadians (62 per cent) say they are finding it harder than ever to save money, with 58 per cent feeling they have a lot less in their bank account at the end of the month vs. previous years. Having less spending power than usual has 64 per cent of respondents seeking new strategies to lessen the impact of inflation this summer.

Top strategies Canadians plan to implement: 

“Inflation is a hot topic this summer and it may seem like the cost of living is rising with the temperature, which is why it’s important for people to stay on top of their spending,” said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice. “Many people head into the summer months with every intention of sticking to a budget, but can find it difficult to follow. CIBC’s website offers a number of great tools to help keep Canadians on track.”

Other key poll findings:

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