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.