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More Canadians feeling good about own finances during COVID-19 pandemic: poll

Citynews 1130 Vancouver

Last Updated Jul 23, 2020 at 10:47 am PDT

FILE - Canadian bills.
Summary

Financial optimism is improving for many Canadians as the COVID-19 pandemic continues, poll finds

The percentage of Canadians whose finances are 'good' or 'great' has risen seven points from April

Twenty per cent, however, say they are in 'bad' or 'terrible' shape

VANCOUVER (NEWS 1130) — Financial optimism is improving for many Canadians as the COVID-19 pandemic continues, but many still say their money situation is in rough shape, according to a new poll.

A new study from the non-profit Angus Reid Institute found the number of Canadians saying their financial situation is “good” or “great” has risen seven percentage points from early April, to 80 per cent from 73.

Twenty per cent, however, say they are in “bad” or “terrible” shape.

Another 30 per cent Canadians receiving employment insurance or the Canada Emergency Response Benefit say they are “barely treading water.” Around a third of Canadians have taken advantage of the program.

More than half also said they do not view the next 12 months as an ideal time to make major purchases, such as a vehicle or a home. That percentage rises to two-thirds of Canadians among those with a household income of less than $50,000 year.

Meanwhile, more than 60 per cent of people are spending less on non-essential items, such as gifts or going to restaurants, during the pandemic.

When it comes to work, a third of respondents said they have lost work due to COVID-19, which hasn’t changed since May.

Those who have lost work are three-times as likely to say they are having a difficult time financially when compared to those who have not experienced a job loss, says the poll.