According to research conducted by Leger on behalf of United Way Centraide Canada, 55% of people in Canada feel anxious about their personal finances. The recently published report, Financial Anxiety in Canada, is based on an omniweb survey which was conducted among the Canadian population with a representative sample of 1,527 Canadians aged 18 and over who could express themselves in French or English.
In the report, Leger notes that more than four-in-ten (42%) Canadians say they prefer not to think about the state of their personal finances. The research also found that over four-in-ten respondents (42%) could cover their basic expenses for a month or less if they lost their main source of income or faced an unexpected expense.
Key Insights:
- Almost half of Canadians believe the national (48%) and provincial (48%) economy will get worse over the course of the next 6 months, with around one-in-ten (13%) expecting them to improve.
- Respondents from Quebec were more pessimistic about the financial outlook of their province compared to the rest of Canada, as over half of them think it will get worse (54% compared to 46% in the rest of Canada).
- Regarding their personal financial situation, almost six-in-ten Canadians believe it will remain the same (58%), with a significantly higher proportion among those over 55 years old (62%) and those living in Quebec (64%).
- On the other hand, around 16% believe their personal financial situation will improve. The proportion is higher among those 18-34 (28%) and outside of Quebec (18%)
- Half of Canadians (50%) describe their personal financial situation as good or excellent, while about one-in-six (16%) rate it negatively (bad or very bad). Respondents outside of Quebec were more likely to describe their financial situation as bad (17%) compared to those in Quebec (12%).
Check out the full report for additional key insights, click here.
