Canadians who are already pessimistic about finances, await tomorrow’s interest rate announcement
NEW WESTMINSTER, BC, Sept. 6, 2022 /CNW/ – For some Canadians, the present financial situation they find themselves in is making their blood boil. This is according to the Rage Index, – a new monthly survey by Pollara, tracking Canadian sentiment regarding topics such as the economy, government, and current events. The Rage Index survey reveals that almost one-third (32%) of Canadians actually feel “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. “People can have different emotional responses to financial stress and anger is certainly one of them.”
Arbour also points out that taking steps to solve the issue can help alleviate 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 conducted by the Angus Reid Institute found that just over half (52%) of Canadians said they wouldn’t be able to 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 current, future, economic, personal, and overall – has now hit its lowest point since April 2021, with sub-indices such as jobs, expectations, and investment also declining in consumer confidence. Ipsos’ new Consumer Confidence metrics shows that the overall confidence of Canadians is rated as an underwhelming “mildly negative” (-2% versus its norm), down 1 point over the last month. These results continue to reveal an increasing trend of pessimism when it comes to personal finance and the economy.
“We are seeing a drop in people’s confidence about their finances,” reports Chan. “Not only are more individuals coming to us for help as they’re struggling to make ends meet, but for many it’s hard to see a light at the end of the tunnel when prices are going up and their wages remain the same.”
Increasing inflation, COVID-19, and the war in Ukraine are all likely playing a role in the more pessimistic outlook many have about their finances, but as Arbour points out, there is help that’s available. “Given the current geopolitical situation in the world, as well as rising costs, and job instability, many people are feeling less than optimistic about their financial future. We want Canadians to know that getting help with your finances, even simply talking to an expert about budgeting and debt repayment options, can go a long way to alleviating some of the negative feelings that can come with financial stress or difficulties.”