Survey respondents from the province are actually feeling better about their finances
You’d expect an annual survey aimed at gauging the financial confidence of Canadians to be an absolute bloodbath in 2020.
Yet somehow, the results really aren’t all that bad, especially in B.C., where residents are more upbeat about their finances than before the COVID-19 pandemic.
The Financial Confidence Index, conducted by Winnipeg-based IG Wealth Management in partnership with Ipsos Canada, shows that Canadians are steadfast in their optimism despite the pandemic, with the overall index number rising four points (to 60) since last year.
B.C. saw the biggest increase of any province: its index number climbed seven points, to 64.
“Canadians are showing great resilience, strength and judgement during what’s been a year like no other,” Damon Murchison, president and CEO of IG Wealth, said in a release.
And while seniors seem to have done especially well (10 points above the national average) this year, the survey of 2,600 Canadians does have somewhat bleak results for younger residents. Millennials are more likely to have lost their jobs, less likely to feel they’ve made good financial decisions and not as confident as other generations about being prepared and on track to meet their financial goals.
“There’s no question that younger Canadians have been disproportionately affected by the economic impact of COVID,” Murchison said. “For many, this is the first major societal shock they’ve had to deal with as adults, and it doesn’t help that so many have had their livelihoods impacted directly by the health crisis.”
It also hasn’t been smooth sailing for Indigenous Peoples, who polled nine points below the national average. To that end, Murchison vowed action: “We know that there’s so much more that can be done to help our Indigenous Peoples become more financially confident. We will be renewing our efforts to do our part and will be announcing more about this new program shortly.”