Fewer Canadians Are Feeling Financial Anxiety During Pandemic

The proportion of residents who have worried about being able to pay their mortgage or rent fell by 10 points since April.

Vancouver, BC [August 7, 2020] – The past four months have brought a decline in the proportion of Canadians who are experiencing apprehension over financial matters, a new Research Co. poll has found.

In the online survey of a representative national sample, three-in-ten Canadians (31%) say they have worried “frequently” or “occasionally” in the past month about being able to pay their mortgage or rent. This represents a 10-point drop since a similar Research Co. survey conducted in April 2020.

More than two-in-five Canadians have worried about the safety of their savings (43%, down nine points in four months) and about the value of their investments (41%, down nine points) over the past four weeks,

Three-in-ten Canadians (29%, -8) have been concerned “frequently” or “occasionally” about their employer running into serious financial trouble, while 39% (-9) have been worried about unemployment affecting their household.

“The nationwide trends on financial anxiety are positive, but there are still groups of Canadians that have been more affected than others,” says Mario Canseco, President of Research Co. “Concerns about meeting mortgage or rent payments rise to 38% among those aged 18-to-34, and 49% of Albertans have recently worried about unemployment in their household.”

Two-in-five Canadians (41%) say the COVID-19 outbreak has led them to re-evaluate their career or profession—a proportion that jumps to 52% among those aged 18-to-34.

While 77% of Canadians expect the COVID-19 outbreak to have a long-lasting negative effect on Canada, significantly fewer (52%) predict a similar situation for their own lives.

More than three-in-four Canadians (78%) think the COVID-19 outbreak is proof that the way the global economy works will have to change. Majorities of Canadians who voted for the Conservative Party (76%), the Liberal Party (80%) and the New Democratic Party (NDP) (85%) in the 2019 federal election are in agreement with this notion.

As was the case in April 2020, two thirds of Canadians (66%, +1) plan to keep their current long-term strategy on investments, while 16% (+4) plan to change their approach.

Results are based on an online survey conducted from August 1 to August 3, 2020, among 1,000 adults in Canada. The data has been statistically weighted according to Canadian census figures for age, gender and region in Canada. The margin of error—which measures sample variability—is +/- 3.1 percentage points, nineteen times out of twenty.

Find our data tables here and download the press release here. 

For more information on this poll, please contact:
Mario Canseco, President, Research Co.
[e] mario.canseco@researchco.ca