Canadians already pessimistic about finances, await tomorrow’s rate announcement
NEW WESTMINSTER, BC, Sept. 6, 2022 /CNW/ – For some Canadians, their current financial situation is making them downright angry. That’s according to the Rage Index, — a new monthly survey by Pollara, tracking Canadian sentiment regarding topics such as government, economy, and current events. The Rage Index survey found that 32% of Canadians felt “angry” about their personal financial situation. “It can be a very powerless feeling to be in financial trouble, especially in a difficult economy like this one,” says Anne Arbour, with the Credit Counselling Society (CCS). “People can have different emotional responses to financial stress and anger is certainly one of them.”
Studies show that Canadians are feeling stressed and down about finances. How will tomorrow’s announcement impact them?
Arbour also points out that getting to work on solving the issue can help offset some of the anger. “A great antidote when you’re feeling angry is to take action. It helps you regain a sense of control, whether you work on adjusting your budget, find a way to cut costs, or reach out to a professional organization for help.”
A recent survey from the Angus Reid Institute found that just over half (52%) of Canadians said they couldn’t manage a sudden expense of more than $1,000; while two-in-five (39%) Canadians worry that they have too much debt. If you find yourself struggling within this unpredictable economic climate, you’re not alone and it’s important to get help sooner rather than later, urges Isaiah Chan, Vice President, Programs & Services at CCS. “CCS works with individuals facing a variety of financial difficulties, including those struggling to make ends meet and wanting to regain control of their finances. We urge anyone who needs financial advice, help, or resources to reach out to us.”
Ipsos’ Global Consumer Confidence Index — a monthly tracker of consumer confidence in the areas of personal, economy, current, future, and overall — is sitting at its lowest point since April 2021, with sub-indices such as investment, jobs, and expectations also declining in consumer confidence.Ipsos’ new Consumer Confidence metrics found that Canadians’ overall confidence was rated an underwhelming “mildly negative” (–2% versus its norm), down 1 point over the last month. The results highlight an increasing trend of pessimism when it comes to the economy and finances.
“We are seeing a drop in people’s confidence about their finances,” reports Chan. “Not only are more individuals coming …….