More than half of Canadians (58%) believe they have significantly less money in their bank account at the end of the month compared to years before, and 62% report that saving money is harder than ever.
Meanwhile, 64% of respondents said they are looking for new methods to blunt the impact of inflation this summer because they have less spending power than usual.
According to the survey, as part of their strategy, 36% intend to use coupons or actively hunt for bargains; 33% intend to stick more closely to a budget; and 30% intend to move from using name-brand products to cheaper alternatives.
“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.
The survey also found: