Canadians are not feeling great about the economy

Feeling gloomy about the economy? You’re not alone. Exclusive polling data, shared with The Peak by Crestview Strategy, shows most Canadians think the economy is worsening.

Driving the news: 71% of respondents think Canada’s economy has gotten worse in the past year—only 5% believe it’s improved. Meanwhile, only 9% of people say their personal financial situation has improved, compared to 47% who say it’s worsened.

  • Women and middle-aged people were the most likely to have a negative view of the economy and their finances.

Why it matters: Strong wage growth and low unemployment aren’t translating into gains for the vast majority of Canadians. Instead, a rapid increase in the cost of living, growing debt loads (now at a collective $2.8 trillion across the country), and recession fears appear to be overwhelming whatever upside people are experiencing from low unemployment.

  • “These findings may indicate that what’s traditionally been considered ‘good’ at a macroeconomic level is no longer trickling down to Canadians’ pocketbooks,” Crestview’s Senior Behavioural Scientist and Public Opinion Researcher told The Peak. 

Our thought bubble: If more than 90% of respondents think their personal financial situation is either getting worse or stuck in neutral before the economy has entered a recession, it should raise alarms about how bad things could get if we enter a downturn.