A new poll suggests that more Canadians are going into 2019 feeling worse about their finances than the years before.
Despite the Trudeau government’s plan to “grow the middle class, and help those working hard to join it,” the number of Canadians who would call their financial position “good” hit a three year low, according to the Ipsos Reid poll.
When broken down regionally, it shows Alberta feeling the worst.
Of the metrics used by Ipsos to measure if 2018 was “good to them,” Alberta scored the worst.
This includes their job, their family, their retirement plans and the economy in general.
The poll suggests that the number of Canadians who feel “good” about their finances dropped by 9 percent from 2017.
It also found that the number of Canadians who felt good about their savings decreased by 6 percent from the year prior.
Along with uneasy feelings about 2018, Canadians’ feelings towards 2019 are even more negative than the year prior.
With the federal carbon tax going into effect this year, meaning Canadians will have to pay an additional tax on carbon, 2019 will be a very expensive year for Canadians.
“Canadians are giving a more pessimistic forecast for 2019 than they did heading into 2018 a year ago, reflecting a general souring of attitudes,” stated the Ipsos report.
The reasons? Ipsos polling suggests that “Canadians think they will be paying more for food, housing, health and wellness, transportation and debt repayments in 2019.”
Debt repayment is likely going to be a big concern for Canadians.
While the federal government is running a $19 billion deficit — with no apparent plan to balance the books anytime soon — dealing with debt is the number one financial priority for Canadians in 2019.
Another reason for the troubling Canadian economy in 2019 is the weakened Oil and Gas sector. The Governor of the Bank of Canada, Stephen Poloz, believes low oil prices are causing strain on the economy as a whole.
Poloz expects investment in the energy sector to decline further in 2019.
That explains the pessimism in Alberta.
Canceled pipelines, banning oil tankers and controversial legislation have all contributed to a disgruntled and vocal oil and energy sector in Alberta.
Lowered optimism in the economy may spell trouble for the Trudeau government going into an election year.
