In the face of an extremely volatile few months – including stock market swings, massive job losses, and unprecedented government spending – it appears more Canadians are feeling financially optimistic, according to a new survey from Angus Reid.
The results of the recent Angus Reid Institute survey highlights that many Canadians’ outlooks on their long-term financial situation hasn’t suffered. In fact, those outlooks are seemingly rosier than they were six months ago.
The survey results finds that nearly one-quarter (24 per cent) of Canadians are saying they are better off now than they were last year – a figure that has risen from 18 per cent.
On the other end of the spectrum, the data suggests that nearly one-third (32 per cent) of Canadians are saying they are worse off now than they were last year. According to the Angus Reid Insitute, this number is comparable to previous years of non-pandemic period polling.
“Significantly, optimism, too, has risen,” said the data report. “The number who say they will be better off next year at this time has risen to 30 per cent, from 15 per cent at the end of 2018, and 21 per cent at the end of 2019.”
The survey looked into reasons as to why people might be feeling pessimistic about their financial outlook as well, with the data finding a correlation “with their lack of confidence in the Trudeau government’s ability to prevent a deepening economic crisis in the coming weeks and months.”
Over half of the survey respondents (58 per cent) said they don’t feel confident in Trudeau’s capacity to minimize economic damage.
This lack of confidence jumps to 71 per cent among those who feel their finances will worsen in the next 12 months.
The Angus Reid research also found a near split across Canada when it came to whether people’s primary concern was in regards to the risk of more Canadians becoming sick (51 per cent) or the risk of further economic harm (49 per cent).
The survey results also point to the three issues that are top of mind for Canadians at this moment are healthcare, the economy, and the country’s COVID-19 response. Climate change falls out of the top two issues for the first time in more than 15 months.