VANCOUVER (NEWS 1130) — Fewer Canadians are concerned about making mortgage payments or the health of their investment portfolios than they were during the height of the pandemic in April, according to a new poll.
The new survey, by Research Co., found about 30 per cent of respondents have worried “frequently” or “occasionally” in the past month about being able to pay their mortgage or rent.
That represents a 10-point drop from April, when the many health and safety restrictions were imposed due to COVID-19.
“We continue to see certain pockets of the country that are having difficulties — 43 per cent of Canadians who have worried have about the safety of their savings, and 41 per cent who are worried about the value of their investments,” said Mario Canseco, of Research Co.
About 40 per cent of those polled have worried about the safety of their savings and about the value of their investments over the past four weeks — both down about nine points.
% of Canadians who have worried “frequently” or “occasionally” about:
The safety of their savings – 43% (-9 since April 2020)
The value of their investments – 41% (-9)https://t.co/LwpOyVk9Wm
— Mario Canseco (@mario_canseco) August 7, 2020
Another 30 per cent have been concerned “frequently” or “occasionally” about their employer running into serious financial trouble — an eight-point decline.
As well, 39 per cent — down nine — have been worried about unemployment affecting their household.
“The nationwide trends on financial anxiety are positive, but there are still groups of Canadians that have been more affected than others,” Canseco adds. “Concerns about meeting mortgage or rent payments rise to 38 per cent among those aged 18-to-34, and 49 per cent of Albertans have recently worried about unemployment in their household.”
As in April 2020, two-thirds of Canadians plan to keep their current long-term strategy on investments, while 16 per cent plan to change their approach.
Canseco suggests the level of financial anxiety now is comparable to that in Canada during the start of the global financial crisis in 2008.
More than three-in-four Canadians (78 per cent ) think the COVID-19 outbreak is proof that the way the global economy works will have to change.
More than 40 per cent polled said the COVID-19 outbreak has led them to re-evaluate their career or profession — a proportion that jumps to 52 per cent among those aged 18 to 34.