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2 in 3 Canadians say the economy is doing badly according to a survey

A new Research Co. poll shows that most Canadians are unhappy with the current economy and that their financial situation has deteriorated over the past six months.

Up to 62% of respondents described the current economic situation in Canada as “bad” or “very bad”, up five points since Research Co. ran a similar story in July 2022. Additionally, only 35% of Canadians (down five points) rate the current tight economic conditions as “very good” or “good”.

When it comes to their own personal finances, 51% of respondents described their personal finances as “very good” or “good,” down six points, while 47% (up six points) said they were. defined as “poor” or “very poor.”

Breaking down the data by province, 27% of Alberta residents said they have a positive view of the Canadian economy, while 28% of Saskatchewan and Manitoba residents and 29% of Atlantic Canadians said they felt the same.

Meanwhile, 37% of Ontario residents, 35% of British Columbians and 41% of Quebec respondents said they had a positive outlook on the economic situation.

Nearly half of Canadians (44%) say they are pessimistic about national economic stability and expect the national economy to decline over the next six months, while only 13% expect improvement.

“Most Canadians aged 55 and older (51%) think an economic recovery in the next six months is impossible,” said Mario Canseco, president of Research Co. “Proportions are lower among their counterparts aged 35-54 (43%) and 18-34 (38%). »

More than half of Canadians (52%) said they “often” or occasionally worry about the value of their investments and the safety of their savings.

The survey also revealed that 37% of Canadians said they were “frequently” or “occasionally” concerned about unemployment affecting their household, while 34% expressed the same feeling about paying off their mortgage and 29% same feeling about the fact that their employer is running into serious financial difficulties.

Most respondents also believe that the prices of certain items will increase over the next six months. For example, 85% of Canadians believe that a week’s groceries will cost more, while 67% believe the same for the price of a new car.

The survey also included respondents on whether they thought the Prime Minister was doing the right thing to help the economy. Among respondents, 42% said they trust Justin Trudeau, while ratings are lower (34%) for Bank of Canada Governor Tiff Macklem. Fewer people (33%) trust Conservative Leader Pierre Poilievre to do the right thing to help the economy.

Survey methodology:

The findings are based on an online survey conducted January 13-15, 2023 of 1,000 adults in Canada. The data was statistically weighted according to Canadian census counts for age, sex and region. Results are considered accurate to within +/- 3.1 percentage points, 19 times out of 20.

Reporting for this story was paid for through the Meta-funded Afghan Journalists in Residence project.

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