What Canadians Think About the Economy and Their Own Wallets



As vaccines are rolled out and cases of COVID-19 decline, the economy is expected to recover, but many Canadians don’t feel as confident in their own wallets.

A new Yahoo / Maru poll found that respondents had the highest level of confidence (57 percent) since the poll began in February, that the economy is moving in the right direction.

The most recent GDP data from Statistics Canada shows the economy grew 1.1% in March from the previous month, but is expected to contract in April amid tight COVID-19 restrictions.

Quebeckers are the most optimistic about the economy compared to last month (+38 percentage points net), followed by residents of British Columbia (+19).

The feeling is warmer in Manitoba / Saskatchewan (+3). Despite a rebound in oil prices, Albertans remain the most pessimistic (-14.5).

Age and education are also factors. Older Canadians are more optimistic about the economy (+24) and more educated (+33).

The next most optimistic groups are the middle income earners earning $ 50,000 – $ 99,000 (+19), followed by the highest annual earners earning more than $ 100,000 (+16.5).

The least educated group, high school or less, is the least optimistic (+4) followed by those earning less than $ 50,000 per year (+11)

Personal financial situation not so good

It’s a different story when it comes to bank accounts.

The poll found that just over one in 10 Canadians (13%) think their financial situation has improved since last month, compared to one in six (16%) who think they have improved. deteriorated. Seven in ten (71%) say it has stayed the same in the past month.

Sentiment worsened most in Manitoba and Saskatchewan (-23), followed by Atlantic Canada (-16) and Alberta (-10).

It improved the most in Quebec (+6), followed by Ontario (0) and British Columbia (-7).

Sentiment worsened most among those earning over $ 100,000 (-12), followed by those earning less than $ 50,000 (-10) and Canadians over 55.

“As Prime Minister Justin Trudeau contemplates an election in the not-so-distant future, the findings are worth considering,” said Maru Executive Vice President John Wright.

The survey of 1,522 Canadian adults conducted between June 18 and 21, 2021 has an estimated margin of error of +/- 2.5%, 19 times out of 20.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on twitter @jessysbains.

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