If high inflation persists, a majority (52%) admit they will have to cut back on non-essential spending (ie, travel, entertainment, eating out), a third (33%) will have to cut savings, 15% will have to rely on lump-sum savings to cover basic expenses, and one-fifth will have to deduct loan repayments (19%) or charitable donations (22%).
Many Canadians hope to tap or currently use charitable services to meet their critical needs (such as food, shelter, etc.) in 2022, with the majority of them saying they need to do so in response to the pandemic and/or will need to be done or not. or high inflation.
So far, eight percent (8%) of the respondents claimed to have used charitable services to meet their basic needs, while twelve percent (12%) expected to meet their basic needs at some point in 2022. would require charitable aid, such as food and housing due to high inflation.
While many Canadians can receive charitable aid, survey results suggest that few believe they will be able to donate to charities in 2022 due to rising inflation and/or the pandemic. In fact, one-quarter of people (25%) planned to donate less in 2022 than in 2021, with seventeen percent (17%) citing the effects of inflation on their finances as the basis for their decision.
One in ten (12%) say they will donate less because they are concerned about the impact of the pandemic on their money. In comparison, only 15% plan to donate more to organizations in 2022 than they did in 2021. However, six per cent (6%) of the respondents said they would donate more in 2022 due to inflationary pressures.