Only 10% of Canadians Feel Their Finances Are in Better Shape Than 1 Year ago
A new survey from Bloomberg/Nano’s confidence tracking reveals that only ten percent of Canadians now report their finances are in better shape than a year ago, the lowest score ever recorded.
This score is even lower than even the depths of 2008 Global Financial Crisis.
The survey used land and cell phones to conduct to contact 1,082 random Canadians and ended on May 3rd 2024, and it found that that 10.7% of Canadians felt their personal finances had improved vs. 1 year ago.
This score was down 2% from last week and 5% percentage points from one month ago.
50.2% of Canadians Feel Their Finances are in Worse Shape Than 1 Year Ago
Additionally, 50.2% of Canadians felt the finances were worse than one year ago and 37% percent experienced no change.
This negative sentiment is also among the highest scores ever recorded.
“In the most recent wave of Bloomberg Nanos confidence tracking, which Nanos has been monitoring since 2008, only 10 percent of Canadians report their finances are better compared to a year ago – the lowest reported score on record.”
Nik Nanos
Chief Data Scientist
Canadians Increasingly Nervous About Their Financial Security
The survey’s pocket book index also printed a score of 50%, which indicates that Canadians are becoming increasingly nervous about their personal finances and job security.
This reading is tied for the lowest score since 2008; only 2 other occasions have seen a score of 50 or lower, once in October 2012, and once during the peak of the pandemic in March 2020.
43% of Single Parents and 23% of All Canadians Now Live With Food Insecurity
This survey is part of a broader trend which highlights that Canadians are more pessimistic than ever about their financial situations.
Specifically, these findings are in line with other surveys we’ve recently written about:
And,
