Canadians are struggling financially according to the Vanier Institute of the Family. Their report, “Current State of Canadian Family Finances” says that financial security is out of reach for more families than ever before. From high debt loads, to low savings rates to earnings that don’t keep up with inflation, Canadian families are walking a tough road.
The report also listed items that are more expensive today than they were ten years ago – and which items are now cheaper. While Canadian are dealing with much higher costs for basic shelter, heating, water, and bread, there are a few items we buy today that cost a lot less than they did in 2002. It’s a silver lining in an otherwise very gloomy report on Canadian families and their finances.
Products and services that are cheaper today include:
- Recreational equipment and services (except vehicles) cost 42.5 percent less to buy now than they did ten years ago (guess it’s a better time to buy a boat or a motorcyle). Passenger vehicles are also cheaper to buy or lease, down in price by 7.2 percent.
- Home entertainment equipment and services are 34.3 percent cheaper – how much did you shell out for a new TV back in 2002?
- Kids’ clothing also costs less – 27.9 percent less to be exact.
- A hotel stay is down 25.3 percent, and so is clothing – down 24.4 percent for women, 11.8 percent for men. Shoes also cost 7.8 percent less so those new pumps are actually a better deal than the ones you bought in 2002.
- Kitchen utensils and appliances are also cheaper (14.6 percent) as is furniture (110.2 percent). I guess the perfectly fine Cuisinart I shelled out big bucks for in 2001 would be cheaper to buy now (with new features to boot).
In a world of rising prices and stagnant wages, it’s nice to see that at least some things are getting cheaper.
What about you – is there anything you’re buying today that’s cheaper than it used to be years ago? And are there items out there you don’t buy anymore because they’re just too expensive?