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

Collision with hydro pole cuts power to thousands in the Shuswap

Minor injuries to the driver were reported; power was restored by the following morning

Boat sails from trailer to pavement at Sicamous Highway 97A intersection

Alberta resident charged with transporting an insecure load

Man arrested in Kelowna following Shuswap vehicle thefts, pursuit

Suspect wanted in Alberta allegdly also stole several vehicles near Sicamous over the weekend

Guess Who has started a band in the Shuswap? Legendary guitarist Donnie McDougall

Band to play pair of shows in the Malakwa area before setting out on tour

Okanagan-Shuswap weather: mix of sun and clouds

Environment Canada is predicting a 30 per cent chance of showers and a risk of thunderstorms this afternoon across the Okanagan

West Kelowna vet saves turtle from hook

Dr. Moshe Oz removed fish hook lodged in the turtle’s throat

$1.5 billion in frigate-repair contracts split among yards in three provinces

The federal government has promised to invest $7.5 billion to maintain the 12 frigates

Anglican Church to review governance structure after same-sex marriage change fails

Some say the current system to change doctrine gives too much voting power to a smaller class of bishops

B.C. adding fast-charge stations for electric highway trips

Okanagan, Vancouver Island, Kootenay stations ready for use

Comedian Gerry Dee ready to lighten things up at BC Hockey Hall of Fame

Canadian actor and stand-up comedian Gerry Dee is hosting the event in Penticton

Column: Close by isn’t close enough

Great Outdoors by James Murray

Casa Loma residents petition to halt proposed Blackmun Bay project

West Kelowna City Council grants second reading for what would be the city’s largest development

South Okanagan RCMP seize firearms from residence

Penticton RCMP blocked access to a cul de sac off Pineview Road on Tuesday

Most Read