Although a majority of Canadians think the national economy is in good shape, people are still anxious about the future and confidence in federal politicians to make the right decisions is low, a new Angus Reid Public Opinion poll has found.
Majority of respondents lack confidence in politicians in Ottawa to handle the economy well.
Although a majority of Canadians think the national economy is in good shape, people are still anxious about the future and confidence in federal politicians to make the right decisions is low, a new Angus Reid Public Opinion poll has found.
In the online survey of a representative national sample of 1,005 Canadian adults, 53 per cent of respondents say Canada’s economy is in good or very good shape, a six-point drop since the July Economic Panorama. Conversely, 43 per cent of Canadians think the situation is not positive, nine points up since July.
The positive rate of personal finances remains high at 61 per cent, yet more than a third of respondents (37%) worry about their situation.
One-in-four Canadians (23%) remain optimistic about the future and foresee a recovery in the next six months. However, most people (51%) think the recession will not be over this year.
Current Concerns
Over the past three months, a large proportion of Canadians have worried about the safety of their investments (38%), the threat of unemployment hitting their household (35%), and the safety of their savings (32%). About a fifth of respondents have also worried about missing rent or mortgage payments (23%), and the chance that their employer would run into financial trouble (21%).
Inflation and Debt
A large majority of Canadians continue to expect a price hike for groceries (75%) and gas (72%). Over a third of respondents (37%) think real estate prices will increase, but 25 per cent think they will go down. Few people think new cars (34%) or TVs (24%) will get more expensive over the next six months.
Most people remain committed to paying down debt and saving if given extra money. An extra $1,000 would be allocated, on average, to paying debt ($362); savings ($206); covering daily expenses ($183); buying personal gifts or treats ($100); buying big items like a car or a home renovation ($81); investing in mutual funds ($37); and investing in individual stocks ($31).
Political Leadership
Canadians continue to express a lack of confidence in the federal political leadership to get things right when it comes to handling the economy. Just over a third of respondents (37%) express confidence in Prime Minister Stephen Harper to make the right economic decisions; trust in Liberal and Opposition Leader Michael Ignatieff is even lower at 24 per cent. Conversely, 51 per cent of respondents distrust Harper to handle the economy properly, and 58 per cent distrust Ignatieff.
Bank of Canada Governor Mark Carney is still the most trusted personality with 46 per cent expressing confidence in his leadership.
The Conservative Party is preferred over the Liberal Party to rein in national debt (34% to 23%), end the recession (33% to 21%), and control inflation (35% to 21%). The two parties are essentially tied in the category of job creation (Grits 31%, Tories 30%). Around two-in-five Canadians consistently say that none of these two parties is a better option to handle these economic files.
Canada vs. Other Countries
Overall, Canadians think the national economy is in better shape than many other industrialized economies. Many respondents say the country is doing better than the United States (72%), the United Kingdom (45%), France (40%), Germany (29%), Japan (29%), and Australia (19%). The only exception is still China, with 32 per cent of respondents saying Canada’s situation is worse than theirs.
