The rising cost of living isn’t just having an effect on British Columbians’ wallets, it’s affecting their social lives and mental health.
That’s according to a new Ipsos poll conducted on behalf of consumer insolvency firm MNP Ltd., which found half of respondents were staying home more often to save money.
The poll also found 36 per cent were cutting down on socializing and 32 per cent were spending less time with friends to conserve cash.
“It’s not just financial anymore, it’s also now social and emotional. Especially this time of year — this is the time when people usually get together and celebrate the holidays,” senior MNP vice-president and licensed insolvency trustee Linda Paul said. “If people are worrying about money they are not going to spend money and do the things they normally do this time of year and they’re going to be a little bit more isolated than they would be normally.”
The poll also found about one in five B.C. respondents were experiencing a sense of social isolation (21 per cent) or loneliness (17 per cent).
Inflation and higher interest rates had 46 per cent saying they felt stress and 36 per cent reporting anxiety.
And 20 per cent of British Columbians — more than people in any other province — said they were shelling out over $200 per month more than last year on debt payments.
“There is a lot of shame attached with having financial difficulty,” Paul said. “So people are reluctant to be open about what they’re experiencing at home, so instead of saying, ‘Hey, I can’t go here and here’s why,’ they’re choosing not to go to certain functions.”
Jane Beaumant, a professional practice manager with the B.C. Association of Clinical Counsellors, said the rising cost of living can have a powerful effect on people’s mental health.
“It impacts people’s access to services, socializing, connecting with friends and family — but it also impacts well-being, their ability to meet basic needs like housing and food security, and connection and relationship is seriously impacted,” she said. “People are generally struggling. What I hear from a lot of our association members and registered clinical counsellors is that their wait lists are long because it reflects the needs people have to manage their stresses.”
Beaumant’s advice for those grappling with stress, anxiety and depression is to reach out for help, and said the association’s website includes a tool that can help people find a counsellor for a free consultation.
“Shame is really big,” she said. “The first thing that people can do is just say, ‘I need help.'”
It’s the same advice Paul has for those grappling with finances that feel like they’re getting out of control. She said licensed debt professionals can help with a variety of tools, ranging from budgeting to debt consolidation through to more major interventions like a consumer proposal. Those solutions can be easier the earlier someone takes action, she added.
“When I meet with people I usually ask them how often do you think about your debt, and almost always the answer is every day, so it is weighing on people’s minds all the time,” Paul said. “There’s no shame in asking for help.”
The Ipsos poll was conducted among a sample of 2,000 adult Canadians between Sept. 5 and Sept. 8, 2023 and weighted with census data. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, had all Canadian adults been polled.
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