Businesswoman Calculating Expenses on Printed Receipts

Based on recent poll results, Canadians may be tightening their purse strings in response to inflation but they are forging ahead with major life events.

In a CIBC poll conducted in the first week of August, well over half (61%) of respondents said they have cut costs to manage the rising cost of living, with nearly half (46%) cutting back on discretionary spending such as restaurants and entertainment.

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In contrast to this behaviour, only a small proportion of respondents said they planned to delay bigger ambitions such as marriage (2%) or buying a first home (6%).

Still, well over half were concerned about meeting future goals (61%) and saving for longer-term needs (63%), though only 13% of respondents had sought advice from a financial advisor in the last three months, the poll found.

The poll also revealed a greater — and perhaps misplaced — focus on investing over estate and retirement planning. Investing (24%) was the top area in which respondents said they could use more advice, while estate planning and retirement planning were cited by only 17% and 16%, respectively.

Maru Public Opinion conducted the poll among 1,510 Canadian adults who were online panellists. Online polls can’t be assigned a margin of error because they don’t randomly sample the population.