Online survey finds young adults more likely to expect improvement in 2022, while Albertans are most pessimistic
While the headlines going into 2022 point to a correction in the financial market, rising interest rates, and sticky inflation, many Canadians aren’t necessarily feeling bearish about their finances for next year.
Drawing from an online survey of around 1,500 Canadians between November 30 and December 1 among members of the online Angus Reid Forum, new research from FP Canada finds about one third (35%) of Canadians expect an improvement in their personal financial situation, while roughly one fifth (21%) expect it to deteriorate. The rest of the respondents (44%) see their personal financial situation staying the same.
Among Canadians aged 18 to 34 years old, the survey found nearly half anticipate they can stage a financial turnaround in 2022 (47%) and are planning to save more money (48%). At the other end of the age spectrum, Canadians aged 55 and above are the least likely to expect change next year, as only 21% expect their finances to improve and 23% foresee them getting worse.
Looking at the different provinces, Ontario showed a higher proportion of optimistic Canadians as 37% expect their personal finances to get better. Quebec also proved to be less pessimistic than the nation overall as just 16% of respondents from the province are bracing for a worse financial situation.
Alberta displayed the highest proportion of pessimistic respondents as 27% expressed concerns that their finances will take a turn for the worse next year. While 37% don’t expect any improvement or decline, almost as many (36%) expected they’ll be in a better place financially within the next 12 months.
The survey also found that among Canadians who work with a certified financial planner or a qualified associate financial planner, 54% expect their finances to remain stable in 2022.
