Most Canadians pessimistic about Canada's economy, survey finds

People shop for produce at the Granville Island Market in Vancouver, on Wednesday, July 20, 2022. THE CANADIAN PRESS/Darryl Dyck

A new survey from Research Co. shows that most of Canadians are not happy with the current economy and that their financial status have worsened over the past six months.

As many as 62 per cent of respondents described current economic condition in Canada as “bad” or “very bad”, up five points since Research Co. conducted a similar story in July 2022. In addition, just 35 per cent of Canadians (down five points) rate the economic conditions right now as “very good” or “good”.

When it comes to their own personal finances, 51 per cent of respondents described their personal finances as “very good” or “good,” which is down six points, while 47 per cent (up six points) defined them as “poor” or “very poor.”

Breaking down the data by province, 27 per cent of Alberta residents said they hold a positive view of the Canadian economy, while 28 per cent of Saskatchewan and Manitoba residents and 29 per cent of Atlantic Canadians said they feel the same way.

Meanwhile, 37 per cent of Ontario residents, 35 per cent of people in British Columbia and 41 per cent of Quebec respondents said they have a positive perspective towards economic condition.

Nearly half of Canadians (44 per cent) said they are pessimistic over the national economic stability and expect the national economy to decline over the nest six months while only 13 per cent predict an improvement.

“Most Canadians aged 55 and over (51 per cent) think an economic recovery in the next six months is unattainable,” Mario Canseco, President of Research Co. said. “The proportions are lower among their counterparts aged 35-to-54 (43 per cent) and aged 18-to-34 (38 per cent).”

More than half of Canadians (52 per cent) said they are worried “frequently” or occasionally” about the value of their investments and their savings safety.

The survey also found that 37 per cent of Canadians have “frequently” or “occasionally” expressed concerned about unemployment affecting their households, while 34 per cent expressed the same feeling about paying their mortgage and 29 per cent feel the same way about their employer running into serious financial trouble.

Most respondents also believe that certain items prices will go higher in the nest six months. For example, 85 per cent of Canadians believe a week’s worth of groceries will be more expensive while 67 per cent feel the same way for a new car price.

The survey also included respondents about whether they believe the prime minister is doing the right thing to help the economy. Of the respondents, 42 per cent said they trust Justin Trudeau, while the ratings are lower (34 per cent) for Bank of Canada governor Tiff Macklem. Fewer people (33 per cent) trust the Conservative Leader Pierre Poilievre to do the right thing to help the economy.

METHODOLOGY

The results are based on an online study conducted from Jan, 13 to 15, 2023, among 1,000 adults in Canada. The data has been statistically weighted according to Canadian census figures for age, gender and region. The results are considered accurate within +/- 3.1 percentage points, 19 times out of 20.

Reporting for this story was paid for through The Afghan Journalists in Residence Project funded by Meta.