- Only one-quarter of residents have no financial concerns at present.
- Saving for retirement and affording healthy food remain the top of Canadians’ financial worries, along with paying for housing.
December 7, 2022:
With 2022 coming to an end, we wanted to understand the latest impact of increased interest rates, supply chain issues and rising inflation on Canadians, and what changes may have taken place since we last asked the questions, in early September 2022.
Results were largely unchanged, showing that almost one-half of Canadians are worried about saving for their retirement (up 2 points), about four in ten each are concerned about being able to afford healthy food (up 3 points) and afford housing/accommodations (up 4 points). Meanwhile, one-quarter of Canadians each mention paying for telecommunication needs (unchanged) and paying for electricity (up 1 point)as key concerns, and a similar proportion are worried about their ability to financially support a family member (unchanged). Slightly over one in ten are worried about being able to afford education for child/children (down 3 points). Only a quarter of respondents said they have no financial concerns at present (down 2 points).
Across demographics, residents living in the Prairies, Millennials, Gen X, and women are more likely to be concerned about saving for retirement, compared to their counterparts. In addition, women, and residents living in the Atlantic region are more concerned about affording healthy food. Interestingly, men, residents living in Quebec, and Boomers are more likely to report having no financial concerns at present.
Results are from a survey conducted in partnership between Narrative Research and the Logit Group. The survey was conducted online between November 8 and 11, 2022 with 1,243 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
