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Canadians’ personal financial circumstances improving, but majority will defer major purchases in the next year

As communities try to balance re-starting business and commerce locally while avoiding new outbreaks of COVID-19, the status of many Canadians’ own personal financial circumstances appears to be improving but fragile.

A new study from the non-profit Angus Reid Institute finds the percentage of Canadians saying their financial situation is “good” or “great” has risen seven points from early April, from 73 per cent to 80 per cent.

That said, a considerable group of one-in-five continue to say they are in “bad” or “terrible” shape.

The vulnerability among the one-in-three Canadians receiving employment insurance or the Canada Emergency Response Benefit (CERB) is even higher. Among those who have applied for these programs, 30 per cent say they are barely treading water.

Regardless of their own financial situations today, more than half (56%) do not view the next 12 months as an ideal time to make major purchases such as a vehicle or a home. At least half of Canadians across all income levels say this, rising to two-thirds among those with a household income of less than $50 thousand.

More Key Findings:

  • Three-in-ten Canadians say that they have lost work due to the COVID-19 outbreak. This number has been stable since May.
  • Two-thirds of Canadians (69%) still say they are spending less on non-essential items or “extras” such as gifts and restaurant meals than normal
  • Those who have lost work are three-times as likely to say they are having a difficult time financially when compared to those who have experienced no job loss. Two-in-five (38%) Canadians who have lost hours say this

Read the rest of the story here: www.angusreid.org

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