A majority of Canadians are worried that the COVID-19 pandemic will harm their personal finances.
According to a poll by the Angus Reid Institute, 65% of Canadians are concerned that the virus will impact them financially, while 86% are worried that it will hurt the Canadian economy.
“As the outbreak has worsened, so too have financial markets, experiencing some of their worst days ever. It is perhaps, then, unsurprising that half of higher-income Canadians report their investments have taken losses,” said the Angus Reid Institute.
10% of Canadians with income levels ranging from under $50,000 to over $100,000 a year report that they have either been laid off or lost hours at their workplace because of the virus.
In total, 34% of respondents reported that their financial investments have taken a hit because of the recent economic turmoil.
Global stock markets have been reeling due to the economic uncertainty caused by the global pandemic.
On Monday, the Toronto Stock Exchange and Dow Jones fell by 10% and 12%, respectively.
In response, the Liberal government announced a $10 billion stimulus package to help Canadian businesses deal with the impact of the pandemic.
“These are extraordinary times and that means we are ready to take extraordinary measures,” said Morneau on March 13th.
“As a first step, today I’m announcing that we are establishing our Credit Facility Program to support businesses and to stimulate the economy. This will make $10 billion available in additional support for Canadian businesses through the Business Development Bank of Canada and Export Development Canada.”
The Angus Reid poll also shows that the virus has disrupted the daily lives and plans of many Canadians. A total of 52% of Canadians have reported that an event was cancelled or postponed in their communities.
Canadians have also been following the advice of public health officials, with 82% reporting that they have been washing their hands more frequently since February and another 48% saying they are avoiding public spaces.
