Worried about your finances? Find out what Canadians are doing to save money as costs soar
If you’re worried about your personal finances, you’re not alone. Our recent survey for Financial Literacy Month found Canadians are feeling the effects of soaring inflation and rising interest rates.
We surveyed 1,006 Canadians from October 6-17, 2022, and found only 50 per cent of them feel comfortable about their personal economic outlook. That’s down from 61 per cent last year.
More than half (52 per cent) are concerned about monthly bills — like rent, utilities and insurance — and 53 per cent said they have a lot of anxiety about their current level of personal debt.
You might be feeling anxious too. Equifax Canada data shows during 2022 Canadians have been spending on their credit cards at historically high levels. The total average non-mortgage debt per consumer is $21,188, returning to levels not seen since before the start of the pandemic.
How Canadians are saving money
To help cope with rising costs, respondents said they’re changing how they shop at the grocery store and for gifts, and are even thinking about moving to save money.
Food: 59 per cent of respondents are using coupons and looking for deals in grocery stores more now than last year
Housing: 17 per cent of respondents are thinking about relocating to another part of the country and 14 per cent are thinking about moving in with family to save on housing costs
Gifts: 60 per cent of respondents will spend less on gifts this holiday season
Understanding your credit scores and reports
There are other actions you can take to help you during tough financial times. Having a better understanding of how credit reports and scores work can help you navigate your financial decisions. Small behaviour changes like paying bills on time every month can have a positive impact on your credit scores.
Checking your credit reports to make sure the information is up-to-date and correct is another good financial habit. Our survey found 60 per cent of respondents have checked their credit reports in the past year and one-third check their credit scores at least monthly.
With Equifax CompleteTM Premier, you’ll get alerts when there are key changes to your Equifax credit report and score, which can help you detect fraud.