Food cost anxieties remain high alongside federal announcement of holiday GST reductions

With the news of today’s federal holiday GST reductions, will Canada’s economic anxieties change direction despite remaining high food cost concerns?

Earlier this month, analysts at Abacus Data reviewed the cost-related stressors plaguing Canadian wallets.

The survey (published Nov. 12) signaled one significant constant —  food costs.

Roughly three-quarters of respondents named grocery prices their primary anxiety, with overall energy expenses (gas, electricity and other utilities) taking second place at a 45 per cent national concern rate.

The poll conducted by Abacus also looked far beyond the threshold of household spending worries and researched how most Canadians are living day to day with the current standard of living running parallel to inflation.

According to the poll, the current financial status of the average Canadian is as follows:

• 29 per cent can meet overall expenses.
• 18 per cent are struggling to keep up with their bills.
• 18 per cent are maintaining a balanced chequebook and living comfortably.
• 36 per cent indicate that beyond managing their expenses, they have managed to save a little money.

Detailed information from the report indicated that, while a contingent of Canadians concerned about losing their jobs and homes does exist, they are not as nearly prevalent as those worried about feeding themselves or their households.

Abacus Data conducted the survey from Oct. 31 to Nov. 5, using a pool of roughly 1,900 adult Canadian respondents. For more information on the information mentioned above, visit Abacus Data’s official website.