B.C. households cutting back on groceries and essentials as cost-of-living crisis worsens: new survey
LANGLEY, B.C., June 23, 2026 (GLOBE NEWSWIRE) -- A new province-wide survey commissioned by Tru Cooperative Bank reveals that nearly half of British Columbians are cutting back on groceries and other essential household spending as affordability pressures intensify, underscoring the need for stronger action to address cost-of-living challenges across the province.
Survey findings point to significant financial strain among British Columbians, with many people moving beyond trimming discretionary expenses to reduce spending on everyday necessities. The survey found that:
- 95% of respondents are concerned about the cost of living
- 88% have made at least one change to their financial habits in the past 12 months to adapt to cost-of-living pressures
- 45% of British Columbians have cut back on groceries and household essentials in the past year
“What stands out in these findings is that people are no longer just trimming extras. They’re cutting back on necessities like food and basic household needs,” says Launi Skinner, CEO of Tru Cooperative Bank. “That’s a meaningful shift and signals that the cost-of-living crisis is becoming more serious for a larger number of households across British Columbia.”
The survey also points to a deteriorating financial outlook for many households. Four in ten (39%) BC residents say their financial situation has worsened over the past six months, while nearly half (48%) indicate they are saving less or no longer able to save at all in the current environment.
This combination of reduced savings and rising costs signals growing financial vulnerability and weakness in the British Columbian economy. Survey findings also suggest that financial pressures are linked to weak economic outlook, with 54% believing now is a bad time to find a job, compared to just 14% who see it as a good time.
The results highlight a growing expectation that meaningful action is needed to address affordability pressures and support financial resilience across the province. Half of residents (51%) think that the federal government, the BC government and financial institutions should collectively lead in solving the financial pressures facing consumers.
“These findings should serve as a clear signal that more needs to be done to address affordability challenges in British Columbia,” said Skinner. “When people are cutting back on essentials and saving less, it points to deeper structural pressures. We need to see a stronger, more coordinated response that helps restore financial stability and confidence for British Columbians.”
Tru Cooperative Bank commissioned the survey to better understand the evolving financial realities facing its members and British Columbians more broadly.
“As a cooperative bank, we believe our responsibility goes beyond providing financial services,” says Skinner. “It includes listening to what people are experiencing and advocating for practical solutions that help improve financial well-being in the communities we serve.”
About the survey
The data and insights presented are the outcome of an economic outlook and sentiment survey conducted by Tru Cooperative Bank, in partnership with Environics Research, in May and June of 2026. A survey was conducted with a representative sample of 849 BC residents (aged 18 and over) drawn from an online panel, while a parallel survey was conducted with 600 members of Tru Cooperative Bank across British Columbia. The survey was designed to collect insight on current and evolving economic conditions in B.C. and how consumers are adapting to them. Because online surveys of the general public are not based on a random probability sample, no margin of error can be calculated. For more information on the survey, please contact mediarelations@trucooperativebank.ca.
About Tru Cooperative Bank, formerly First West Credit Union
Tru Cooperative Bank brings together the best of both worlds, combining the strength and stability of a leading Canadian financial institution, and the care and community leadership of a local cooperative. With nearly $21 billion in total assets and assets under administration, and more than 289,000 members, Tru Cooperative Bank offers clear, practical advice and modern banking that’s designed to be digital when it should be, and personal when it matters.
Through its local brands — Envision Financial, Valley First, Island Savings, and Enderby & District Financial — Tru Cooperative Bank has contributed more than $44 million back to local communities while cultivating a nationally-recognized culture shaped by courageous leadership, authentic connection and collective strength. Learn more at trucooperativebank.ca and see how we’re creating a future where everyone can flourish.
About Cooperative Banking
A cooperative bank is a financial institution owned and democratically governed by its members — the people it serves. This structure fundamentally changes what success looks like: instead of maximizing returns for distant shareholders, a cooperative bank prioritizes its members long-term financial well-being and directs earnings back into member value and community impact.
Josh Juhlke Tru Cooperative Bank 4163605967 mediarelations@trucooperativebank.ca
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