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

UPDATE: Penticton resident’s dog found safe

Nicholas Bozak thanks the public for finding his 17 month old mastiff chow

Survivorship Dragon Boat Team wins in Vernon

Team takes top spot in A division at festival

RDOS contributes funds to arts centre workshop

South Okanagan Performing Arts Centre Society wants input into proposed facility

Great horned owls returned to the wild in the South Okanagan

Great horned owls plucked by crows from their nest last April have been released back into the wild

Youth Wellness Gathering aims to empower, educate South Okanagan youth

The event is hosted by a non-profit located on the Penticton Indian Band (PIB) reserve July 22 & 23

July showers wash out half of the Okanagan’s cherry crop

Cherry growers say this is the worst season they’ve seen in decades

Body, burning truck found near northern B.C. town

RCMP unsure if the two separate discoveries are related

Kelowna car thief’s sentencing delayed

Stanley Nickason pled guilty car theft charges in B.C. Supreme Court

Development gives Kelowna community garden the boot

Glen Valley residents given a few days to break it down before land development

Couple found dead along northern B.C. highway in double homicide

Woman from the U.S. and man from Australia found dead near Liard Hot Springs

World-famous sopranos to hold concert in Okanagan

Two Canadian sopranos are bringing their world-famous voices to the Okanagan for one night only

Kelowna RCMP release video of reckless theft out of Southwest Mission

“Their tactics were anything but subtle,” states Cpl. Jesse O’Donaghey

UPDATE: West Kelowna fawn euthanized, not claimed by sanctuary

Gilbert the deer has been euthanized after a suitable home was not found in time

BC Wildfire Service warns wet weather no reason to be complacent

Fire risk currently low for much of B.C. compared to same time over last two years.

Most Read