As financial pressure rises, Ontarians are faced with the difficult choice of eating less or using less utilities to save money.
That’s according to the most recent MNP Consumer Index report, done by Ipsos, which found that 31 per cent of Ontarians lowered their utility consumption, while 26 per cent are eating less food.
The report said these numbers reflect the ongoing strain on household budgets, with factors like economic uncertainty, concerns about borrowing costs, and employment anxiety affecting the confidence of households.
Licensed Insolvency Trustee with MNP Caryl Newbery-Mitchell said they’re seeing more residents make cutbacks that affect their quality of life.
“When families are forced to reduce spending on food, heating, or even medical care, it’s no longer just about tightening the budget, it’s about making impossible choices that directly affect health and well-being,” said Newbery-Mitchell.
The report found that 53 per cent of people surveyed use meal plans, bulk buying, coupons and price matching, 43 per cent avoid impulse buying, and 42 per cent aren’t dining out or getting takeout.
Ontario residents are also more likely to say they’re either delaying or skipping medical, dental or prescription care compared to other provinces.
The report states that half of Ontarians report they are within $200 of being unable to pay their bills each month, climbing seven points since last quarter, while at the same time, the average amount left over after monthly expenses has fallen to $725.
Other stats included 45 per cent worrying that AI could negatively affect their job or income, and 19 per cent of people describing their debt situation as terrible.
While the Bank of Canada held interest rates at 2.75 per cent during the survey period and cut to 2.5 per cent shortly after, 63 per cent said they need rates to go down, and 46 per cent said even if rates decline, they remain concerned about their ability to repay debt.
The survey data was compiled from Sept. 4-9 of this year, interviewing a sample of 2,001 Canadians age 18 plus.
