Rising gas prices force B.C. residents to rethink summer road trips: poll

63 per cent of respondents reported gas prices are impacting their day-to-day finances

If you’re feeling the pressure at the pump, you’re not alone.

A poll commissioned by Coast Capital Savings which interviewed 401 Metro Vancouver residents found rising fuel costs to have a “real impact on peoples’ financial health and well-being”.

The survey was conducted by the Mustel Group between June 5 to 13 when prices had receded from record highs and were fluctuating between approximately $1.40/$1.50 per litre.

“As we head into summer vacations, our study shows gas prices are having a real impact on families’ finances in Metro Vancouver,” said Rachel Coyle, Vice President Retail Operating Office, Coast Capital Savings.

“Nearly one-in-three (29 per cent) Metro Vancouver residents said that gas prices will impact their travel this Canada Day weekend.”

According to Coast Capital, the results reinforce that people are having to make tough decisions about their spending to absorb higher prices at the pump – with direct impacts on their savings and ability to repay debt. In particular:

  • 47 per cent of all respondents (and 57 per cent of families) say gas prices are impacting their spending on entertainment and activities such as eating out, shows and events.
  • 51 per cent of all respondents (and 60 per cent of families) say gas prices are impacting their ability to build their savings.
  • And perhaps most concerning of all, 29 per cent of respondents (and 38 per cent of families) say gas prices are impacting their consumer debt repayments.

READ MORE: Surrey RCMP raises Pride flag amid din of protesters

READ MORE: Top B.C. court upholds ruling that struck down indefinite solitary confinement

“Many people are reducing their discretionary spending. That can help households stay on track from a budgeting perspective when there is a strain on day-to-day finances, which is certainly the case for a lot of families right now,” added Coyle.

The poll also explored the effect of higher gas prices on the economy as a whole. A total of 82 per cent of respondents expressed that they are concerned that the high cost of gas will translate into higher costs of everyday goods and services.

“While some households are finding ways to manage the financial pinch of high gas prices, we are concerned that a majority of people polled say that record high prices are making it hard for them to save for the future and nearly one-in-three say it is likely to impact their ability to pay off debts,” said Tyler Saito, Director Wealth Manager Business Solutions, Coast Capital Savings.


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

a

Just Posted

WATCH: Going once, going twice… Rotary Auction gone!

The Prince Rupert Rotary club received $85K in donations and made $60k back in revenues

The Northern View presents Santa Shops Here in Prince Rupert

More reasons to spend your shopping dollars locally

New band mayor elected in Lax Kw’alaams

Garry Reece Sr. will be replacing John Helin as band mayor

Prince Rupert is Hometown Hockey and here’s everything you need to know

The two day-festivities are full of games, prizes and special guests

STORY & VIDEO: Crafty combo means even more entertainment at this year’s Kaien Island Craft Fair

Live music and food were 2019’s new arrivals at the popular event

Your Prince Rupert 55th Rotary Auction guide

Online guide to all the items up for bid before Monday’s live auction

Canucks erupt with 5 power-play goals in win over Nashville

Vancouver ends three-game slide with 6-3 triumph over Predators

65-million-year-old triceratops makes its debut in Victoria

Dino Lab Inc. is excavating the fossilized remains of a 65-million-year-old dinosaur

B.C. widow suing health authority after ‘untreatable’ superbug killed her husband

New Public Agency Health report puts Canadian death toll at 5,400 in 2018

Changes to B.C. building code address secondary suites, energy efficiency

Housing Minister Selina Robinson says the changes will help create more affordable housing

Security guard at Kamloops music festival gets three years for sexually assaulting concertgoer

Shawn Christopher Gray walked the woman home after she became seperated from her friends, court heard

Most Read