- 73% of Canadians have at least one concern, and on average, residents have at least two areas of concern.
- Saving for retirement and affording healthy food are at the top of Canadians’ financial worries.
October 12, 2022:
Given inflation and the rising cost of living, it is perhaps unsurprising that Canadians are concerned about their finances. In order to understand the impact of increased interest rates, supply chain issues, and rising inflation, we asked Canadians which financial issues they are concerned about.
Results show that almost one-half of Canadians are worried about saving for their retirement, about four in ten are concerned about being able to afford healthy food and a third of respondents mentioned being able to afford housing/accommodations. One-quarter of Canadians said paying for telecommunication needs and a similar proportion said paying for electricity are key concerns. One-quarter mention paying for electricity, while two in ten say mention financially supporting a family member and just over one in ten are worried about being able to afford education for child/children. Positively, over a quarter of respondents said they have no financial concerns at present.
Across demographics, Canadians 55 or older are far more likely to report that they have no financial concerns at present, while those aged 25-34 (millennials) are more concerned about affording healthy food compared to other age groups. Women are more concerned about saving for retirement and being able to pay for their housing than men. Across regions, having no financial concerns at present was reported most by residents of Quebec.
Results are from a survey conducted in partnership between Narrative Research and the Logit Group. The survey was conducted online between September 6 and 9, 2022 with 1,230 Canadians 18 years of age or older from the Logit Group’s Canadian Omnibus. Data were weighted based on the 2016 Census, by gender, age, and region to reflect actual population distribution. As a non-probability sample (i.e., a panel sample where residents have joined a panel to share their opinions), and in accordance with CRIC Public Opinion Research Standards, a margin of error is not applied.
The question asked was:
Which, if any, of the following financial concerns do you currently have?
- Being able to save for my retirement
- Being able to afford healthy food
- Being able to pay for my housing/accommodations
- I have no financial concerns at present
- Being able to pay for my telecommunication needs
- Being able to pay for electricity
- Being able to financially support a family member
- Being able to afford education for my child/children
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 leading public opinion and market research company headquartered in Canada. The company was recently certified as a WBE (Women Business Enterprise). As a non-partisan, 100% Canadian-owned research company, Narrative Research is dedicated to providing 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.
Follow us on Twitter at @EveryNarrative and @LogitGroup
