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Mar 23, 2023

Canadians Worried About Finances

As the federal government prepares to table its budget on March 28, a turbulent year has left many Canadians with dire assessments of their own finances and not many feeling optimistic about their financial futures, says data from non-profit Angus Reid Institute. In fact, 47 per cent of Canadians say they are worse off financially than they were at this time last year after a year of inflation not seen since the 1980s. As economists wonder if Canada is heading towards a recession, or worse, stagflation, only 22 per cent expect their fortunes to improve in the next 12 months. The institute says all this provides a sobering backdrop to the federal government’s upcoming budget, which Chrystia Freeland, deputy prime minister and finance minister, has indicated will be fiscally prudent though reportedly will address affordability. It will need to because 69 per cent of those who say their finances deteriorated in the last 12 months and expect them to worsen, select cost of living and inflation as a top concerns for Canada, far outstripping those who select healthcare (39 per cent) or the environment (11 per cent).

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