The study finds that a three-year trend of growing optimism among Canadians about what the coming year will hold in store for them financially has come to an abrupt end.
The number of Canadians saying their standard of living will improve has increased since 2018, but now, arguably due to COVID-19, that proportion has dropped by five points.
One in five people, 20 percent, anticipate a deterioration in their financial situation in the coming year – rising to 26 percent among those with household income below $ 25,000 a year.
These results come as another trend also stops. Since 2016, the proportion of Canadians who say they are financially better off now compared to the previous twelve months has increased steadily year over year, from 12% to twice as high as 24%, in mid-2020.
This quarter, 17 percent of Canadians say their economic situation has improved in the past year, while twice as many, 35 percent, say it has deteriorated. The number of people negatively affected increases to 51% in Alberta and to 47% among those with household incomes below $ 25,000 per year.