{"id":48265,"date":"2024-06-17T17:22:51","date_gmt":"2024-06-17T17:22:51","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/06\/17\/canadians-are-getting-more-anxious-about-their-finances\/"},"modified":"2024-06-17T17:22:51","modified_gmt":"2024-06-17T17:22:51","slug":"canadians-are-getting-more-anxious-about-their-finances","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/06\/17\/canadians-are-getting-more-anxious-about-their-finances\/","title":{"rendered":"Canadians are getting more anxious about their finances"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div data-aqa=\"disclaimer-skimlinks\" hidden=\"\" id=\"disclaimer\">\n<p><em>Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.<\/em><\/p>\n<\/div>\n<div id=\"\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">More Bank of Canada interest rate cuts can\u2019t come soon enough for an increasing number of people who say they are worse off financially on several fronts, says a new survey.<\/p>\n<p>Fifty-five per cent of Canadians indicated they are worried about their personal and day-to-day family finances, which ties the highest reading recorded by Maru Public Opinion since it started its Household Outlook Index four years ago.<\/p>\n<\/div>\n<div id=\"\">\n<p>Article content<\/p>\n<p>The number of people worried about their personal finances has been on a steady march upward since early 2021, when 40 per cent of people harboured such concerns.<\/p>\n<p data-async=\"\">John Wright, executive vice-president at Maru Public Opinion, links the inexorable rise in the measure to the acceleration of inflation, which rose from 3.1 per cent in June 2021 to a peak of 8.1 per cent a year later.<\/p>\n<p>\u201cIt\u2019s something people haven\u2019t been able to shake off,\u201d he said.<\/p>\n<p>Maru had even more bad news. For example, 28 per cent of Canadians said they were worse off financially in May, up from 25 per cent the month before and 23 per cent at the start of the year. And a record number of people said they are struggling to make ends meet \u2014 43 per cent compared to 37 per cent in March \u2014 the poll of 1,500 adult Canadians from May 31 to June 3 said.<\/p>\n<p>\u201cDuring COVID, many people didn\u2019t have the expenses they had. Cars were sitting in driveways. They were working from home. It was bad with the virus, but pretty good with finances,\u201d Wright said. \u201cThe last six to eight months, they began to realize the cost of living was much more than they expected. They\u2019re into credit debt in a significant way.\u201d<\/p>\n<\/div>\n<div id=\"\">\n<p>Article content<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<p data-async=\"\">The latest Maru poll was taken days before the Bank of Canada made its first interest rate cut in four years. On June 5, the central bank cut 25 basis points off its benchmark borrowing rate to 4.75 per cent from a two-decade-plus high of five per cent.<\/p>\n<p>Wright thinks more cuts will be needed before people shift their financial outlook.<\/p>\n<p>\u201cI know people will be pleased, but at 25 basis points, that\u2019s not going to make a big impact on people\u2019s lives,\u201d he said.<\/p>\n<p>All this personal \u201cpocketbook pessimism\u201d has pulled the Household Outlook Index down after it had started to rise from its all-time low at the end of last year.<\/p>\n<p>The index slipped to 85 in May from 86 in April. The base number for the index is 100. A result above 100 indicates optimism, and below 100, pessimism. Maru compiles its household index each month by asking a panel of people a series of questions about the economy\u2019s prospects over the next 60 days.<\/p>\n<section aria-labelledby=\"moreTopicLabel9675716420607884813936852876656640\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" economy=\"\" means=\"\" bank=\"\" of=\"\" canada=\"\" has=\"\" to=\"\" keep=\"\" cutting=\"\" rates=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The Bank of Canada in Ottawa, Ont.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=80&sig=xn-JbTYnF2f63ySNY7KItQ\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=5&sig=wbyHf9OE-RorEoixbPRJnQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=96&strip=all&quality=80&sig=xn-JbTYnF2f63ySNY7KItQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=192&strip=all&quality=80&sig=YccBJPMefTpR2bh_ANunoA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/no0503boc.jpg?h=288&strip=all&quality=80&sig=-5ExYgHDUh6WzY6csO-1Iw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Poor economy means Bank of Canada has to keep cutting rates<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" of=\"\" canada=\"\" seen=\"\" cutting=\"\" rates=\"\" more=\"\" times=\"\" in=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1&w=150&resize=150&ssl=1 150w, 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https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The Bank of Canada cut its key interest rate Wednesday. \n\n\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=80&sig=6KvUCtolgu2Fp4DXmW2pZg\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=5&sig=mqUy_n58mOuBx6yvWjhR0Q&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=96&strip=all&quality=80&sig=6KvUCtolgu2Fp4DXmW2pZg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=192&strip=all&quality=80&sig=5FrZ_axxSAM0DCQBHHsmWg 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/bank-of-canada-0605-ph-new.jpg?h=288&strip=all&quality=80&sig=ZhY_8JCu5x5OMEyyfn0ahw 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Bank of Canada seen cutting rates 3 more times in 2024<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>On the economy front, 34 per cent think it is on the right track, up three percentage points from the previous poll. That brought the reading back to where it was two months ago, Wright said, noting that a significant number of people \u2014 66 per cent \u2014 still believe the economy is on the wrong track.<\/p>\n<p>\u201cOn the national front, nothing has changed, but on the personal front, people continue to struggle,\u201d he said.<\/p>\n<p data-async=\"\"><em>\u2022 Email: gmvsuhanic@postmedia.com <\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/div>\n<div id=\"\">\n<p>Share this article in your social network<\/p>\n<\/div>\n\n<br \/>Canadians are getting more anxious about their finances<\/a><br \/>\n<br \/>2024-06-17 17:22:51<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Article content More Bank of Canada&#8230;<\/p>\n","protected":false},"author":2,"featured_media":48266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2024\/06\/Canadians-anxiety.png?quality=5&strip=all&w=100&sig=AP0IjnBixnbN14X2qrhSgw","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-48265","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/48265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=48265"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/48265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/48266"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=48265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=48265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=48265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}