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Many Canadians are concerned about their personal financial situation but they have not changed their subconscious spending habits, according to a survey by FP Canada.
In recent report, more than half of respondents (51 per cent) said they were worried about their finances, but many haven’t made any changes to their spending habits.
Most are spending money subconsciously by charging monthly subscriptions to credit cards (64 per cent) or using credit to make other payments (59 per cent).
Some unconscious spending habits have also increased over the past six months: One out of four Canadians (25 per cent) are more likely to buy more than they intended during retail sales and purchase additional items online to get free shipping.
“With the rising cost of living, Canadians' dollars simply aren't going as far as they once did,” said Tashia Batstone, president and chief executive officer of FP Canada, in the press release.
“Now more than ever, it's critical for Canadians to be mindful of their spending habits.”
The rise of subconscious spending comes at a time when Canadians are fighting multi-decade-high inflation.
On Wednesday, Statistics Canada reported Canada’s annual inflation rate was 6.9 per cent in October as a modest drop in food prices helped offset a rise in gasoline and mortgage costs.