VANCOUVER – A higher proportion of Canadians are worried about their economic situation during that time COVID-19 outbreaks than during the height of the global financial crisis in 2008, a new Research Co. poll has been found.
Fifty-two percent of Canadians say they worry “often” or “sometimes” about the safety of their savings in the past month.
This is 15 percentage points higher than the results of a similar poll conducted by the Vancouver-based data company Vision Critical in September 2008, following the bankruptcy of investment bank Lehman Brothers.
“This means that people are more worried about their finances now than they are about the global crisis caused by the collapse of the financial markets,” said Mario Canseco, president of Research Co. to Star.
Half of Canadians are also worried about their investment over the past four weeks, while a little more worried about unemployment affecting their households, such as not being able to pay a mortgage or rent.
This high level of economic uncertainty is very unusual, said Canseco, adding that voting at other times of the year rarely shows more than 20 percent of Canadians worry about paying their bills.
But at least it seems that Canadians are aware that things could get worse.
The majority of Canadians (52 percent) expect the domestic economy to perform better than Italy in the next six months.
And nearly two-thirds of Canadians (65 percent) say they plan to maintain their current long-term strategy, which shows that most stock markets expect to rebound.
Major economic concerns vary across the country; In Ontario, people are most worried about the safety of their savings, Albert’s people are most worried about unemployment affecting their households, and residents of British Columbia are most worried about being able to pay a mortgage or rent.
“This makes sense because it’s here in BC. we have been talking about housing costs for so long. “This is the number one concern here compared to other parts of the country,” Canseco said.
“This shows there is no one size solution for all. This is a difficult situation, but the level of public satisfaction with the handling of Canadian COVID-19 Canada stay high. ”
Results of Research Co. based on an online survey of 1,000 adults from March 30 to April 1, weighed according to Canadian census figures for age, gender and region, with an error margin of plus or minus 3.1 percentage points.
Meanwhile, the Monday survey displayed Canadian consumer confidence posted its biggest weekly decline as the COVID-19 crisis closed most of the country’s economy.
The Bloomberg Nanos Canadian Confidence Index, a composite measure based on household telephone surveys, fell sharply for the second week, sinking to the lowest level since the Great Recession more than a decade ago.
This decline coincided with the start of a broad national lock that had triggered mass layoffs.
At the same time, there are signs that policymakers’ efforts to reduce the impact with new spending and stimulus work – the sharp decline in sentiment is largely driven by worsening expectations about growth prospects rather than concerns about personal finances.
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Every week, Nanos Research surveys 250 Canadians for their views on personal finance, job security and their outlook on the economy and real estate prices.
With files from Bloomberg
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