A new CIBC survey finds 80 per cent of Canadians are concerned about the impact of rising inflation on their ability to enjoy themselves this summer season.
The survey found Canadians expect to spend approximately $1,900 this year on summer activities, up $400 from 2021, And 76 per cent name inflation as the leading cause.
a majority of Canadians 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.
There are a number of ways Canadians are looking to save for their summer fun.
That includes coupon clipping or actively look for deals, having a stricter budget or planning to switch from using brand name products to lower-cost options.
"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: 81 per cent of Canadians expect every day items, such as groceries, to be a top spending category this summer 72 per cent of people are cautious about the activities they plan to enjoy this summer 57 per cent are more interested in spending on experiences than physical items 41 per cent intend to fund their summer spending through their regular paycheck 34 per cent of people stick to their budget very closely
