The soaring cost of living in Canada has led to difficult decisions for many, with a significant portion of the population cutting back on essential expenses like food. According to the latest MNP Consumer Debt Index, conducted by Ipsos, 44% of Canadians have stopped eating at restaurants or ordering take-out to make ends meet.
The survey, which gathered insights from 2,000 Canadians aged 18 and older, reveals that nearly three in ten respondents (28%) have resorted to eating less to reduce costs. Over half (51%) are also being more careful with grocery shopping, aiming to stretch their budgets further.
A growing number of Canadians are experiencing food insecurity, as highlighted by several recent studies. The Agri-Food Analytics Lab at Dalhousie University found that 58% of respondents were more likely to consume food past its best-before dates due to high grocery prices.
Food Banks Canada has reported nearly two million visits to its locations every month, with over 600,000 of those visits from children. This troubling trend has raised concerns about the potential health impacts of food insecurity, including the resurgence of conditions like scurvy, as noted in a recent report by the Canadian Medical Association Journal.
In addition to cutting back on dining out, Canadians are finding other ways to cope with rising costs. The MNP survey reveals that 30% of respondents are adopting bill-splitting strategies like carpooling, sharing subscriptions, and dividing childcare duties. Another 13% have taken on roommates or moved in with family or friends to save on housing expenses.
Grant Bazian, president of MNP LTD, emphasized the resilience and adaptability of Canadians facing financial strain. “These strategies reflect the harsh reality of soaring living costs, pushing Canadians to find new ways to save,” Bazian said.