Inflation has made life more difficult for many Canadians, and a new poll found that it has negatively impacted their mental health as well.
The poll, conducted by Ipsos, found that inflation and increased interest rates have caused a phenomenon called "inflation isolation." This led to more Canadians staying home more and socializing less in an attempt to save money.
50 per cent of Canadians are apparently staying home more often and 36 per cent are socializing less frequently. "Inflation isolation" has also made one in five Canadians feel a sense of social isolation or loneliness.
As well, four in 10 Canadians said the economy has increased their stress and anxiety.
“Canadians are feeling mental anguish with rising inflation and interest rates,” Grant Bazian, president of MNP Ltd. who commissioned the poll, explained to Global News. “People are scared of spending money and as a result, they’re staying at home and not doing things they normally would and feeling isolated as a result.”
The poll also explained that this inflation isolation effect has been impacting young Canadians and women more than other groups. Canadians who make less than $40,000 per year are reportedly the most likely group of people to socialize less.
A recent report from the Toronto Foundation also concluded that many people were experiencing higher levels of stress due to financial problems.