Majority of Sask. residents say it's a bad time to make a big purchase: Angus Reid

As inflation continues to spur rising prices across the country, a majority of Saskatchewan residents think it is a bad time to make major purchases, according to a study released by the Angus Reid Institute.

Saskatchewan leads the country with 83 per cent of those polled saying it is not the right time to make large purchases such as a major vacation, buying a vehicle or starting significant home renovations over the next 12 months.

Eight per cent said it is a very good or good time for a major purchase, while nine per cent were unsure or could not answer.

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The sentiment is not unique to Saskatchewan or the prairies, with majorities in every region feeling the financial squeeze.

The province is followed in financial discontent by Alberta and Quebec (81 per cent), Manitoba (79 per cent), Atlantic Canada (78 per cent), Ontario (70 per cent) and B.C. (67 per cent).

“As nearly everything becomes more expensive, three-in-ten (28 per cent) Canadians would describe their financial situation as bad or terrible,” the Angus Reid report reads.

“That measure has remained consistent this year but has increased 10 points from two years ago, when one-in-five said the same.”

Saskatchewan’s total is slightly higher than the national average of 75 per cent. Angus Reid said consumer confidence in big purchases is down nearly 20 per cent compared to similar polls in July 2020 and March 2019.

“Consumer optimism is higher among those in higher income households but tops out at one-in-five saying it’s a good time to make a major purchase,” Angus Reid said.

Saskatchewan is also among the provinces with the highest percentage of residents who feel they are in a bad financial position. Thirty-six per cent of Saskatchewan respondents said they are in bad or terrible financial shape, tied for second with Atlantic Canada and trailing only behind Manitoba at 40 per cent.

Quebec had the lowest percentage of residents who believe they are in a bad financial situation (23 per cent), followed by Ontario (27 per cent), B.C. (29 per cent) and Alberta (30 per cent).

Sixty-four per cent of Saskatchewan residents polled said they are in great or good financial shape.

The online survey conducted by the Angus Reid institute polled a representative, randomized sample of 1,606 Canadian adults from July 18-20, 2022. That sample included 124 Saskatchewan residents.