One in three Canadians feels worse off financially than a year ago, poll finds

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One in three Canadians feels worse off financially than a year ago, poll finds More than half of Canadians are concerned someone in their house will lose their job in the near future Photo by Nathan Denette/The Canadian Press

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Article content A significant percentage of Canadians are anxious about their financial situation as the COVID-19 pandemic drags into a second year, according to recent data collected by the Angus Reid Institute that suggests the effects of the pandemic have not been borne equally. More than half of Canadians are concerned someone in their house will lose their job in the near future, for instance, while almost two-thirds are worried about having enough money to support themselves in retirement. We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or One in three Canadians feels worse off financially than a year ago, poll finds Back to video The polling was tied to Angus Reid’s Canadian Personal Finance Index, and is used to divide the population into four categories of financial wellbeing: the thriving, the secure, the challenged, and the suffering. As part of the data gathering, Angus Reid found that one in three Canadians are worse off than they were 12 months ago, while only half as many — 16 per cent — say they are better off. Three-quarters of those who are better off fell into the thriving category, a group that also has higher expectations for the coming year. By contrast, the clear majority of those deemed either challenged or suffering are already worse off, and “considerable portions” of these group expect there is worse to come.

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Article content “A key takeaway from (the) data for me speaks a mindset (of) continued anxiety and uncertainty that exists especially among the most vulnerable … and even among those who count themselves among the comfortable,” said Shachi Kurl, president of the Angus Reid Institute. Worries such as saving for the future, credit card debt, and anxiety over someone in their household losing a job are all indicators of pervasive anxiety, Kurl said.

Article content And the effects are expected to be long-lasting, with 62 per cent of Canadians worried about how they will support themselves in retirement. The research found a similar trend when it comes to worrying about household job loss. Along with the data release, the Angus Reid Institute noted that more than 12 million Canadians received the Canada Emergency Response Benefit last year, which was created to replace lost income. “Stress, too, is a significant … issue,” the research foundation said. The highest stress levels were revealed in those between the ages of 35 and 54, Angus Reid said. Younger people with fewer financial obligations and older people who tend to be more financially established were less likely to be suffering through the pandemic, but a considerable number of these Canadians nevertheless landed in the “challenged” category. Overall, only 38 per cent of Canadians are confident they will live as well as their parents’ generation. But this includes three in five people designated to be thriving — 63 per per cent — and only 13 per cent of those determined to be in the category of suffering through the pandemic.

Article content Regional differences were revealed as well. Residents of Alberta and Saskatchewan were most likely to fall into the suffering category, for example, while British Columbia and Quebec residents were the least likely, according to Angus Reid. “While considerable portions of each region of the country have suffered since the coronavirus hit Canada, these challenges have hit some provinces harder than others,” the research foundation said. The data was drawn from an online survey of 5,004 adults, members of Angus Reid Forum, between Feb. 26 and March 3. Financial Post • Email: [email protected] | Twitter: BatPost

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