Canadians have never felt worse about their personal finances, according to a new survey conducted by Nanos Research.
Runaway inflation, rising interest rates, and plummeting home prices have resulted in 47% of Canadians saying their finances have worsened over the past year, the highest level of pessimism since the survey began in 2008.
Canadians feel worse about their finances today than they did during either the 2008-09 financial crisis or during the COVID-19 pandemic, according to Nanos Research.
Only 13% of poll respondents said their finances have improved over the last 12 months.
Canadians’ feeling regarding their finances declined for a ninth straight week to 42.1, the lowest level on record.
Perhaps worse, Canadians are extremely pessimistic about the outlook for the economy, with 64% of people saying they expect it to worsen over the next six months and only 9% seeing any improvement.
Each week, Nanos Research surveys 250 Canadians nationwide about their finances, job security, the economy and real estate.
