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Albertans have bleak views regarding their personal finances

Albertans are feeling more financially insecure than people living in any other province in Canada.

According to an Ipsos poll Albertans are feeling more financially insecure than people living in any other province in Canada. 

The poll, which surveyed how happy Canadians were in several categories, including their finances, found that Albertans were expressing the most discontent. 

In Alberta, 38% of respondents said that they were cutting down on their essential spending, which was 10% higher than the national average of 28%. 

Only 51% of people in Alberta also said that they were feeling better about their financial situation, while on average 65% of Canadians reported feeling better. 

In November 2019, Alberta’s unemployment rate grew from 6.7% in October to 7.2% in November, which was far above the national average of 5.9%. 

Both Calgary and Edmonton have some of the highest unemployment rates of major Canadian cities. In October, Calgary had an unemployment rate of 7.2% while Edmonton reported a similarly abysmal rate of 7.1%. 

When asked how they would rate their personal finances, 49% of respondents described their situation as “bad”, which was 14% higher than the national average. 

With regard to national unity, 60% of Canadians believe the country is divided, while a whopping 78% of Albertans think that Canada is more divided than ever. 

Albertans were also reporting employment instability, with one in ten of them stating that they had recently lost their job. 

Businesses have been leaving Alberta or shutting their doors at a high rate in the province. According to the Financial Post, business insolvencies have ballooned by over 70% in Alberta since the collapse of global commodity prices in 2015. 

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