Canadians are prioritizing saving over spending this summer: poll

As the cost of living climbs, many Maritimers have opted to save, rather than splurge - on summer fun.

A new CIBC poll shows most Canadians are focused on saving rather than spending their money this summer.

A sample of 1,500 Canadians over 18 were surveyed for the poll, which was conducted by Ipsos on behalf of CIBC. It showed 88 per cent of respondents are concerned about how the rising cost of living will impact their summer plans.

“The desire to manage costs is influencing spending decisions for Canadians, and it’s understandable that many are looking for ways to optimize their finances and make the most of summer without blowing their budget,” said Carissa Lucreziano, vice-president of financial planning and advice at CIBC.

Andrea Marsman is the founder of the Nova Scotia staycation Facebook page. She said one option for saving money is exploring your home province.

“There is just so much to see, I could never explore it all in my lifetime, so I thought it was really important for folks to get out and explore their own back yard,” Marsman said.

With more than 75,000 members, Marsman said there is a lot of free advertising and positivity on the staycation page. She recommends those staying in the province take advantage of the water, the nature, the music and all the sites in downtown Halifax.

Business professor Ed McHugh said people are second-guessing travel amidst rising prices.

“Costs have risen here and wages have not kept up so we have lost some of that spending power,” McHugh said.

Those surveyed said they expect to spend most of their funds on everyday expenses, like gas and groceries this summer.

Here are some of the key findings from the report:

• 67 per cent of respondents are focused on saving rather than spending this summer
• 46 per cent are trying to reduce daily spending
• 30 per cent are delaying major purchases
• 65 per cent plan to stay local instead of travelling internationally
• 14 per cent plan to travel to the U.S.

Bob and Pat Coy are visiting Halifax from Barrie, Ont. They said they plan to stay in Canada and avoid travelling to the U.S.

“Not until they realize that Canada is the best part of North American anyway,” said Pat Coy.

The poll also showed some pessimism among Canadians about the economy overall:

• 76 per cent said it’s harder than ever to save money
• 72 per cent describe the current economic mood negatively
• 68 per cent are worried about interest rates

Despite the results, the poll also found Canadians are ready to face the summer’s financial challenges, with 65 per cent saying they feel prepared to manage their expenses.

Respondents said they plan to reduce daily spending, budget more strictly, look for deals and plan local experiences in order to have fun without splurging this summer.