Polls suggest that some Canadians feel brighter about the economy, their finances

Ottawa — A new poll suggests that some Canadians feel brighter about the state of the domestic economy and their own notebooks, but not as positive as before the COVID-19 pandemic.

In Legger’s annual survey of financial confidence, two in five respondents rated the economy as good or very good, up from the same survey last February.

Still, just over half of the respondents are not chippers about economic conditions, and 54% rate it as poor or very poor.

This figure is down from 61% of respondents in last year’s survey, but still above the 36% recorded in February 2020, just before the first wave of the pandemic.

About two-thirds of the respondents are also confident in their personal finances and have been stable over the last two years.

In a poll of 2,399 Canadians who participated in the online panel between January 7th and 12th, the internet panel is not considered a truly random sample and cannot be tolerated.

Christian Bourque, Executive Vice President of Leger, said the results suggest that respondents are more optimistic about the economy than markets and economists who have shifted down their expectations this year. Opinion polls show that optimism extends to their personal finances, despite high inflation.

“People feel a little brighter than they think, which is certainly an increase from what they’ve seen in the past year, from an overall optimism perspective,” Bourque said.

The expectation of a downgrade is behind signals from central banks on both sides of the border that solid interest rates will rise this year to combat high inflation. Supply chain issues and the prevalence of Omicron variants have also created an economic headwind for the kickstart of 2022.

On Tuesday, the International Monetary Fund revised Canada’s economic growth forecast to 4.1 percent, down 0.8 percentage points from this year’s real gross domestic product growth forecast.

Canadians are generally pretty bright about the national economy, but there is some caution about what happens, and Bourque states that the regional results have shown that.

The biggest boost to economic optimism from last year to the present was from Alberta respondents. However, oil-producing countries also had the highest percentage of respondents, 61%, with the lowest confidence in the economy.

“For Prime Minister Kenny, that’s another thing. What do I do about this now?” Burke said. “Not to mention the management of the pandemic, he now has to confront those who feel that things aren’t on the road to Alberta.”

Among the biggest financial concerns raised by respondents were the value of the investment, the safety of savings, and the ability to pay invoices.

These were the same top-ranked issues in a poll last February, but the results suggest that overall few respondents are worried about these issues.

Along Jordan Press

Canadian press