Adedokun Waliyu 
Canadians are cutting back on spending due to higher costs brought on by inflation, but not reducing their outings.
That’s according to a new survey by payment processing company Moneris and pollster Angus Reid.
The poll found more Canadians were purchasing fewer items at restaurants (38% in 2023 compared to 34% in 2022), while the number of outings remained unchanged.
Also, 62% of Canadians say they are stressed about their financial future this year as they grapple with a higher cost of living despite inflation falling, compared to 59% in 2022.
A TransUnion report shows a consistent rise in borrowings among Canadians in the second quarter, with the riskiest segment the highest jump in outstanding payments.
In addition, 80% of consumers say they are trying to make their dollar stretch more by searching for sales and deals, up from 75% a year ago.
When asked if they had $1,000 less to spend in a year, 79% of Canadians said they would buy fewer items. More than half would cut out entertainment (56%) and restaurants (52%), up from 31% and 28% in 2022 respectively.
Conversely, if consumers had an extra $1,000 to spend, 62% said they would buy more items with travel topping the list for a second year and groceries following closely behind.
