Canadians have been suffering under an impossibly high cost of living for far too many months now, and it seems that hardly anyone is hopeful that financial pressures will ease at all in 2024.

It's been well over a year since rising inflation rates and a subsequent spike in the cost of virtually everything started sending residents into a downward spiral, with most people nationwide saying even in March of 2022 that they were stressed about money and could not keep up.

Of course, the economy has only gotten worse from there, which is causing consumers to cut even more things from their monthly budget, a habit they will be continuing with to an even greater degree in the New Year — and over the holidays, too.

Experts say Canada is somehow about to get even less affordable https://t.co/mKOTOixwTm #Canada

— blogTO (@blogTO) July 28, 2023

According to a new survey conducted by BMO, 58 per cent of citizens are having to pay for holiday gifts on credit this year, while 24 per cent worry they may not be able to pay off these expenses in time.

On top of this, the vast majority have serious financial anxiety during what is supposed to be the most wonderful time of the year, with 81 per cent stressing about their overall financial situation and 61 per cent wondering if they will be able to keep up with their bills.

All of this is impacting their plans for both the holidays and the future, with 42 per cent of respondents saying they've been forced to change their financial New Year's resolutions because of the cost of living.

Most (69 per cent) also don't have any sort of financial plan in place for the year amid our unstable economy and ever-surging prices of basic goods and services, but around a third (30 per cent) know that they will definitely be reining in spending even more in 2024.

"Canadians [are reevaluating] their holiday spending amid concerns about the high cost of living and the economy," a release about the findings, published Monday, reads.

"Consumer spending will likely remain flat this winter as households deal with rising debt payments and ongoing anxiety about the economic outlook."

Millennial's tearful honesty about cost of living crisis in Canada goes viral https://t.co/ohNx9nOtRc #Canada

— blogTO (@blogTO) September 2, 2023

Of course, BMO is using this data to remind Canadians to "get a head start on defining their financial goals," "establish good financial habits" and "not get financially carried away during the holidays."

Though these may be great suggestions, they feel a bit like adding salt to the wound without acknowledging the other systemic factors that got us here.

Looking ahead, though, the institution assures people that relief may be on the way, with interest rate reductions projected before next summer and inflation already accelerating at a slower pace each month.