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

Overnight closures on Pattullo Bridge as earthquake warning system installed

Northbound closures are planned from 10 p.m. to 5 a.m. on certain nights through to Nov. 4

GOWN UP to raise $10m for Surrey Memorial Hospital upgrades

The money will be used to upgrade 10 operating rooms, buy cutting-edge equipment and recruit more top-notch surgeons

Contest lends focus to protected South Surrey forest

Sunnyside Acres Urban Forest at centre of photography competition

Volleyball title hopes rest on shoulders of small Earl Marriott squad

No. 1-ranked EMS senior boys team finds strength in small numbers

ELECTION 2019: Climate strikes push environment to top of mind for federal leaders

Black Press Media presents a three-part series on three big election issues

UBC issues statement after instructor tells students to vote for Liberal Party

University says partisan messaging was not intentional

Cowichan Valley brothers win big in lottery for second time

Playing same numbers net big wins over a three year period

Fatal overdoses down by 33% in B.C., but carfentanil deaths continue to spike

Carfentanil, an illicit drug more powerful than fentanyl, causing more deaths than ever

Sentencing date set for Vancouver Island father convicted of killing his two daughters

Andrew Berry was found guilty of two counts of second-degree murder last month

B.C. woman finds mysterious coin among Grandma’s collection

Grandmother died when she was very young and her past is not well known to her mother

TransLink Mayors’ voters guide singles out Conservatives on transit funding

The guide outlines the pledges major parties have made on transit funding

Advanced polls saw 4.7 million Canadians cast their ballots in the 2019 federal election

That’s a 29 per cent increase from advance polling in 2015

Cheating husband sues mistress for gifted ring after wife learns about affair

The husband gave his mistress $1,000 to buy herself a ring in December 2017

Most Read