The worst of the pandemic has passed, the index of confidence of Canadians in their finances increased by 14% compared to the same period last year.
This is revealed in a biannual report from the firm IG Wealth Management, unveiled on Friday. A total sample of 2,601 respondents from across Canada completed the survey. Weighting was applied to the total sample by age, sex, region and level of education to ensure that the composition of the final sample was representative of the adult population of Canada.
Among respondents, 56% said they were comfortable making a major purchase (compared to 50% in the mid-year study). In addition, three in five people have a good perception of the economic situation of their community (against 47% in mid-year).
“This renewed confidence among Canadians at the end of the year is great news,” said Damon Murchison, President and CEO of IG Wealth Management, in a statement. Progress towards a complete reopening of the economy, the drop in the number of reported COVID-19 cases and the return to some normalcy is giving people back confidence. “
However, Canadians remain concerned about the economic uncertainty. Barely a quarter of respondents are confident that the Canadian economy will improve and only 22% believe the stock market will continue to gain in 2021 and 14% believe inflation will decline in 2022.
“Inflation and housing affordability are real concerns for a lot of people. It is therefore the ideal time to contact an advisor to establish or rethink your overall financial plan so that it not only meets current needs, but also ensures good protection against various eventualities, ”added Mr. Murchison.