Saskatchewan small business owners, consumers face shortfall of holiday money IG News

Irshadgul News report,

The holidays are now just a month away, and many people are getting into the holiday spirit.

But with the rising cost of living affecting holiday optimism for both consumers and small businesses, those spirits may not be so high this year.

A Connexus Credit Union financial wellness manager said talking about money can be intimidating, especially when you’re not feeling great about your financial situation.

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Joel Graham said, “Financial stress can take a toll on your physical, emotional and mental health, including insomnia, depression, anxiety, relationship difficulties, social withdrawal and more.”

A recently released study from Connexus Credit Union found that money was already listed as the number one stressor among its respondents.

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,Data from our most recent survey shows that, particularly in the retail and hospitality sectors, small business confidence remains low,” said Brianna Solberg, senior policy analyst at the Canadian Federation of Independent Business (CFIB).

“It just speaks to the stress that small business owners are still facing from labor shortages, supply chain issues, inflationary pressures and uncertainty about consumer spending habits over the holidays.”

The Canadian Federation of Independent Business is encouraging consumers to recognize that everyone has a role to play in supporting small businesses this holiday season.

Following Black Friday, the Canadian Federation of Independent Business launched an initiative called Small Business Saturday on November 26.

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“We are encouraging everyone to start their holiday shopping on Small Business Saturday and look for ways to champion shopping local,” Solberg said.

“Maybe get some deals or some special rates. And yeah, just showing some love for our local businesses.”

Solberg said only about half of small business owners in Saskatchewan have returned to conducting their normal sales, but they are still racking up significant debt for the average small business owner in the province.

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Click to play video: 'While people cut back on spending, retailers optimistic about slashing prices this Christmas shopping season'

While people are cutting back on spending, retailers are optimistic about a reduction in prices for the Christmas shopping season

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