SAVINGS FROM LOWER GAS PRICES GOING TO PAYING OFF DEBT: CANADIAN REPORT

Jun 03, 2015

By Jane Brown

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The ripple effect of low oil prices may be putting extra dollars in the bank accounts of Canadians, but a new report says record debt levels have us taking a more conservative approach to spending.

The review by market intelligence agency Mintel says Canadians are focused on paying off debts and making cutbacks when it comes to their finances and any savings derived from lower oil and gas prices.

In fact, paying down debt was the top response when asked where any extra money was being spent.  Other popular responses included long vacations, dining out and “small extras” for family members.

The report also found nearly a third of Canadians expected to spend more on food at home.  While gas prices have declined, grocery prices continue to rise at an annual rate of at least 2 percent.

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