More than two-in-five Canadians (42%) have worried “frequently” or “occasionally” about being able to pay their mortgage or rent.
Vancouver, BC [August 14, 2024] – More than half of Canadians are dissatisfied with the current state of their finances, a new Research Co. poll has found.
In the online survey of a representative national sample, 51% of Canadians rate their own personal finances as “poor” or “very poor”, up nine points since a similar Research Co. survey conducted in January 2024.
Only 46% of Canadians (-9) say their own personal finances are “very good” or “good” at the moment.
“More than three-in-five Albertans (61%) are dissatisfied with their current financial situation,” says Mario Canseco, President of Research Co. “Majorities of British Columbians (52%), Ontarians (51%), Quebecers (also 51%) and Atlantic Canadians (also 51%) feel the same way.”
Almost two thirds of Canadians (64%, +3) rate the economic conditions in Canada today as “bad” or “very bad”, while about a third (32%, -3) consider them “very good” or “good.”
Just over a third of Canadians (34%, -3) believe Canada’s financial standing will decline over the next six months. Only 15% (+1) foresee a recovery, while 43% (+2) expect no changes.
Majorities of Canadians have worried “frequently” or “occasionally” in the past couple of months about two issues: the value of their investments (52%, +6) and the safety of their savings (51%, +4).
Compared to January, there are also increases on three other concerns for Canadians: being able to pay mortgage or rent (42%, +8), unemployment affecting their household (also 42%, +8) and their employer running into serious financial trouble (33%, +5).
Canadians are also more worried about inflation, with majorities expecting to pay more for gasoline (77%, +12), a week’s worth of groceries (76%, +2), a new car (68%, +5) real estate (65%, +14) and a new television set (53%, +6) in the next six months.
On the political front, more than a third of Canadians (36%, -2) trust Prime Minister Justin Trudeau to do the right thing to help the economy. The rating is similar for Governor of the Bank of Canada Tiff Macklem (35%, +1) and higher for federal leader of the opposition Pierre Poilievre (41%, -2).
Poilievre’s numbers on the economic confidence question are highest in Alberta (54%), followed by Ontario (45%), British Columbia (37%) and Quebec (31%).
Trudeau does best in Quebec (44%), but his rating is lower in British Columbia (36%), Ontario (35%) and Alberta (22%).
Methodology: Results are based on an online study conducted from August 5 to August 7, 2024, among 1,001 adults in Canada. The data has been statistically weighted according to Canadian census figures for age, gender and region. 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.
778.929.0490
[e] mario.canseco@researchco.ca