Canadians feeling worse than ever about their personal finances: Nanos poll
Consumer confidence continues to plummet with nearly half of Canadians reporting that their personal finances are worse off compared to a year ago, according to weekly polling by Nanos Research.
As Canadians cope with inflation, falling home prices and the prospect of a recession, 47 per cent of those polled by Nanos Research for Bloomberg News said their financial situation has gotten worse over the past year.
"The kicker is that this is a new record," said Nanos Research Chair Nik Nanos on the latest CTV News Trend Line podcast.
"We started tracking this in 2008. So this is the highest score for people reporting that their personal finances are worse off. It is higher than during the 2008 recession. It's higher than at the beginning of the pandemic, even before the checks started going out, when people were not paying the rent."
Only 13.4 per cent of respondents said their finances have improved since last year, while the remaining 37.1 per cent reported no change, and 2.6% of people said they were unsure.
In the same vein, Canadians are feeling quite negative when asked about the broader economy. When asked whether they think the economy will get weaker or stronger in the next six months, “a whopping 64 per cent, or almost two out of every three Canadians, believe the economy will get weaker rather than stronger,” said Nanos.
Only nine per cent said they believe the economy will strengthen over that period, while 20 per cent say there will be no change.
- Watch the latest episode of Trend Line at the top of this article, or on YouTube
"So people are buckling up for a potential recession. They don't know whether it could be a mild recession, which is what some in the Bank of Canada believe it will be,” said Nanos. “But Canadians are bracing themselves for bad news."
The Bank of Canada predicted last week that Canada could see a potential recession in the first half of 2023, with growth slowing from 3.25 per cent this year to just under one per cent in 2023, according to its latest Monetary Policy Report.
Meanwhile, inflation is at 6.9 per cent with the bank seeing no signs of it easing until the end of 2023, when it will decline to about three per cent, before it settles down to a two per cent target in 2024. Added to that, Bank of Canada Governor Tiff Macklem pointed to more rate hikes coming down the line.
"This tightening phase will come to a close," Macklem said. "We're getting closer to that point, but we're not there yet. So we do expect interest rates will need to go up further and we will determine the pace based on developments going forward."
Wouldn't it be nice to never have to work again? While this may sound like a dream to many, it is entirely possible. CTVNews.ca personal finance contributor Christopher Liew shares a handful of helpful tips on how to potentially achieve financial independence.
Recent homebuyers with variable-rate mortgages will find the adjustment to higher interest rates more painful, said Bank of Canada senior deputy governor Carolyn Rogers.
Buying your first car can be as exciting as it is daunting. Whether you’re buying a car off the lot from a dealership or purchasing a car in a private sale, contributor Christopher Liew shares in an exclusive column for CTVNews.ca a few basic tips that you should always keep in mind.
In March 2022 alone, food banks across Canada had 1.5 million visits, a 15 per cent increase from the year prior and the highest recorded usage on record.
Many Canadians have one or two old credit cards that they no longer use. Before you jump to close your old, unused credit card, CTVNews.ca contributor Christopher Liew outlines some of the pros and cons of closing a credit card account, so you can make the most informed decision.
Canadians are buying less expensive food, stockpiling food and even eating less to cope with food prices as inflation soars, according to a new survey.
Most Canadian seniors would prefer to stay in their homes for as long as possible, what is referred to as aging in place, rather than in an assisted living facility, according to recent studies that have come out this year. Personal finance contributor Christopher Liew shares some practical tips on how to age in place, so you can continue living life on your terms.
With the holidays approaching, financial expert Robyn Thompson advises that now is the time to use old gift cards as rising inflation affects their purchasing power.