IKEA is taking things into its own hands when it comes to making life a little more affordable for Canadians.

On Wednesday, the Swedish furniture giant announced that it will be investing over $80 million to slash prices on over 1,500 IKEA products.

It comes after a recent report from the company found that 45 per cent of Canadians say their household finances and disposable income are a top concern, while 37 per cent are concerned about the state of the economy in the country.

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"We know that in Canada, the cost of living and affordability is more important than ever as many Canadians face rising living costs and increased inflation," said Selwyn Crittendon, CEO and chief sustainability officer at IKEA Canada, in a news release.

"Many are facing an affordability crisis and are struggling with fundamental costs such as housing, fuel, health, and food."

The company says lowering prices has been a pillar of the brand's "Democratic Design" philosophy for the past eight decades.

It adds that despite the need to tweak some prices to reflect increased costs the business faces, IKEA is committed to reducing prices where possible to make it more attainable for Canadians to shop there.

So, which IKEA products have lower prices and how much have they been reduced?

The furniture store currently has a section on its site with all of the products that have slashed prices.

There, you'll find some of your fave IKEA pieces like the Billy bookcase, Morabo sofa, and the Vittsjö laptop stand with price reductions of up to $100.

"We know that our products and home furnishing solutions bring joy to people every day and have helped millions to fulfil the dream of a beautiful and affordable home for more than 80 years globally and 47 years in Canada," said Crittendon.

"We remain committed to maintaining our commitment to affordability and value for money that's so important right now."