British Columbians are more likely than other Canadians to eat less or split expenses with friends and family to save money, according to the latest MNP Consumer Debt Index.
And it appears to be working.
The survey, conducted by Ipsos, found that 38 per cent of British Columbians are carpooling, buying in bulk, sharing subscriptions and child care, and cohabiting with others.
“We’re seeing a bill-splitting boom in B.C. and across the country as people adapt to the high cost of living,” MNP insolvency trustee Linda Paul said in a press release. “These cost-saving approaches, like sharing expenses and co-living, highlight British Columbians’ adaptability while also indicating the intense financial strain they are under.
“What’s especially worrying is that British Columbians are among the most likely to report cutting back on food just to get by.”
British Columbians and Albertans are the most likely (35 per cent) to say they have even resorted to eating less to save money, with more than a third admitting to this as a cost-saving measure. More than half (53 per cent) say they have tried to save money by grocery shopping more strategically, and nearly half say they are avoiding impulse purchases (46 per cent). Nearly two in five (37 per cent) have stopped eating in restaurants or getting takeout.
The bright side of this restrained spending is B.C. residents reported having more money left over at the end of the month. The average amount left over at month’s end is $1,093, which is the most in the last five years and the most of any province.
In addition, the number of residents who said they are $200 or less away from financial insolvency each month is down to 37 per cent, which is 10 per cent less than the last survey.
“Cost-cutting measures and declining interest rates have certainly eased some of the financial pressure, providing some British Columbians with more wiggle room,” Paul said. “However, with close to two in five still on the edge of insolvency, it’s clear that others are still grappling with persistent financial challenges.”
The survey asked residents how they are going to cut costs over the next 12 months, and the following are the top 10 ways they will do that:
- Bill splitting – 31%
- Co-habitation – 21%
- Creating a budget/recording all expenses – 18%
- Cancelling subscriptions – 16%
- No restaurants or getting takeout – 15%
- Reducing utility consumption – 14%
- Going thrift shopping – 14%
- Cutting vices – 13%
- Moving somewhere more affordable – 12%
- Finding free or low-cost entertainment – 12%
