October 17, 2024
In our latest poll, we asked Canadians to compare their current financial situation to a year ago and share any financial concerns they have today. Overall, one-quarter on Canadians (23%) said they are financially better off this year, including just 6% who said they are much better off, while four in ten said they are worse off (38%), including 14% who are much worse off financially than a year previously. Four in ten Canadians (39%) said they are financially the same this year compared to last.
Across regions, those located in Quebec are less likely to be financially worse offthis year (28% compared with national average of 38%), while those in the Atlantic region are more likely to be worse off (47%). Interestingly, Gen Zers (40%) and Millennials (37%) are more likely to say they are better off now compared to a year ago, while Boomers are less likely to respond as such (14%). As may be expected, as household income level increases so does the likelihood of feeling well off financially. In addition, those who are employed full time are more likely to be getting ahead financially compared with those who are employed part time, those who are unemployed, retired, housemakers or students.
To better understand why many Canadians are financially worse off this year, we asked them about their current financial concerns. As of October 2024, three-quarters (77%; up 2 points from Nov 22) reported having a least one financial concern while just one-quarter of Canadians (23%; down 2 points from Nov 22) said they have no financial concerns at present.
Of the seven financial concerns listed, being able to save for retirement was the most- commonly chosen option, with just under one-half of Canadians (46%; up 1 point from Nov 22) responding as such. Other highly chosen options include being able to pay for healthy food (42%; down 1 point from Nov 22) and paying for housing/ accommodations (41%; up 2 points from Nov 22).
Across regions, Canadians living in Quebec are least likely to say they are concerned about all seven financial statements compared to their counterparts in other provinces. Prairie residents are more likely than their counterparts to say they are concerned about being able to save for retirement (57%), paying for their cellphone and internet (35%), and paying for electricity (35%). Those in the Atlantic region are more concerned than their counterparts that they will be able to afford healthy food (50%) and pay for electricity (35%). While those in BC and the Northern territories as well as those in the Prairies are more concerned than their counterparts that they will be able to pay for housing and accommodations (51% and 49%, respectively).
In general, Millennials and Gen Xers are more likely to worry about the majority of financial matters, while Boomers are less likely than their counterparts to be concerned about all seven financial matters. Across the top three financial concerns, Gen Xers are more likely than their counterparts to be concerned about saving for retirement (60%). While Gen X and Millennials are more concerned than their counterparts about affording healthy food (50% and 47%, respectively) and being able to pay for housing and accommodations (51% and 48%, respectively).
Women are more likely than men to be concerned about being able to afford healthy food (46% versus 38%) and being able to pay for their cellphone and internet (31% versus 23%). While men are more likely than women to have no current financial concerns (27% versus 20%).
Results show that as household income level increases, the likelihood of having financial concerns regarding being able to afford healthy food, housing/accommodations, cellphone and internet, as well as electricity decreases. Lastly, those who have completed or have some form of post-graduate/university are less likely than those with lower education levels to be concerned with affording healthy food (38%), paying for cellphone and internet bills (22%), and paying for their electricity (20%).
Results are from an online survey conducted in partnership between Narrative Research and the Logit Group. The survey was conducted between September 12 – 15, 2024 with 1,230 Canadians from the Logit Group’s online Canadian Omnibus. Data were weighted based on the 2016 Census, by gender, age, and region to reflect actual population distribution, and data tables are available upon request.
For more information, please contact:
Margaret Chapman, COO & Partner, Narrative Research – 902.493.3834, mchapman@narrativeresearch.ca
OR
Sam Pisani, Managing Partner, Logit Group – 416.629.4116, sam.pisani@logitgroup.com
Narrative Research (www.narrativeresearch.ca), is a non-partisan, 100% Canadian-owned, research company, certified as a Women Business Enterprise (WBE). Narrative Research provides clients with state-of-the-art research and strategic consulting services.
The Logit Group (https://logitgroup.com/) is a leading North American data collection and market research execution company headquartered in Toronto, conducting large-scale projects for a variety of well-known research agencies and brands. Logit employs industry-best technologies across an array of methodologies, and is independent, experienced and quality-oriented.
