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

Clash of protesters seen in Alberta unlikely to occur in Greater Victoria

Here, those who disagree may voice their opposition, ‘but not to the degree of the issue in Edmonton’

Sewage treatment plant in Esquimalt sees rising costs

A staff report to the CRD shows rising costs for wastewater treatment project

Worried about bats? Here’s what to do if you come across one in B.C.

Bat expert with the BC Community Bat Program urges caution around the small creatures

Vancouver Island mom says she will go to court overseas to try to get daughter back

Tasha Brown says her estranged wife abducted their daughter Kaydance Etchells in 2016

VIDEO: Dashcam video captures moment Victoria cyclist struck

Police seeking cyclist captured in video

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

Okanagan, Vancouver Island, Kootenay stations ready for use

15-year-old with imitation gun caused ‘dynamic’ scene at Nanaimo mall

No one was harmed in Monday’s incident, say Nanaimo RCMP

B.C. on right road with tougher ride-hailing driver rules, says expert

The provincial government is holding firm that ride-hailing drivers have a Class 4 licence

RCMP investigating alleged ‘sexual misconduct’ by cyclist on BCIT campus

BCIT said they were reviewing video evidence of the incident

New home cost dips in B.C.’s large urban centres

Victoria, Kelowna, Vancouver prices decline from last year

Graphic suicide scene edited out of ‘13 Reasons Why’ finale

Suicide prevention groups support the decision

Nine kittens and cats rescued after being locked in bins in northern B.C.: SPCA

SPCA says cats were starving, and matted with feces and urine

High-speed rail link would run from Vancouver to Seattle in under 1 hour: study

Annual ridership is projected to exceed three million

Most Read