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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Licensed cannabis store opens in Nanaimo’s north end

Mood Cannabis Company’s Metral Drive location opened Jan. 18

Two women struck by vehicle at Nanaimo intersection

One woman taken to hospital with possible broken bones

Nanaimo school district to explore trustee wage increases, benefits

SD68 staff compile report comparing trustee remuneration with five similar school districts

Cars crash on old Island Highway at Mary Ellen Drive

No injuries reported in accident, which happened at about noon

New B.C. Cannabis Store opens up shop in Parksville

Outlet at Wembley Mall open seven days per week

VIDEO: Mass coronavirus quarantines seen in China won’t happen in Canada, authorities say

‘If a case comes here, and it is probably … it will still be business as normal’

Province’s oldest practising lawyer shares advice at her 100th birthday party

Firefighters bring Constance Isherwood a cake with 100 birthday candles

Vernon woman suing McDonald’s for spilled coffee

Woman seeking nearly $10K, says employee failed to put lid on properly

Diners’ health tax not catching on in B.C., restaurant group says

Small businesses look for options to cover employer health tax

Beefs & Bouquets, Jan. 23

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail editor@nanaimobulletin.com

Former Mountie, sports coach convicted of sex abuse in B.C. granted day parole

Alan Davidson was sentenced to almost six years for abusing seven boys in the late 1970s and early 1990s

Maintenance work sees Sunday morning ferry sailing from Nanaimo cancelled

B.C. Ferries says Queen of Cowichan’s scheduled 6:15 a.m. sailing cancelled

B.C. comic wins judgment after club owner slaps cellphone out of his hands

Incident happened last summer when Garrett Clark was performing in Abbotsford

Most Read