Half of Canadians say their finances are worse than last year: poll

It appears many Canadians have a case of “the bank account blues,” with a new poll indicating many have a bleak outlook on their finances.

The latest survey from the Angus Reid Institute shows 47 per cent of Canadians believe their financial standing is worse off now than it was at the same point last year. Fifteen per cent of respondents said their finances improved, while 36 per cent said theirs stayed the same.

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Looking ahead, people don’t appear to be too optimistic about their finances improving. Over two-thirds (69 per cent) of people polled expect their situation to either stay the same or get worse, while just over a fifth (22 per cent) anticipate improvements.

People in Saskatchewan and New Brunswick appear to be the most pessimistic about their bank accounts. The two provinces had the highest percentage of people who claimed their finances have deteriorated over the past year (55 per cent and 56 per cent, respectively). They also had the most people who believed things would not improve over the next year.

The biggest reason for these sentiments, the poll found, is inflation. It was identified by 69 per cent of respondents as the driver behind their dire financial straits. Further, it is named as the biggest issue concerning Canadians,  ahead of other topics like healthcare and the environment.

These findings come just over a week before the federal budget is announced. Finance Minister and Deputy Prime Minister Chrystia Freeland has indicated she is committed to fiscal restraint so the government doesn’t undo any inflation-tackling measures put in place by the Bank of Canada.

The budget will be tabled on March 28.

–With files from The Canadian Press