Canadian Pessimism Peaks: 70% Expect Lower Living Standards for Next Generation

A recent survey conducted by Nanos Research reveals a growing pessimism among Canadians regarding the future standard of living. 

The poll, which involved 1,043 participants across Canada, shows that 70% believe the next generation will experience a lower quality of life compared to the present. This marks the highest level of pessimism since the survey began tracking this sentiment.

Conducted between May 31st and June 2nd, 2024, the study highlights a generational divide in outlook. Younger Canadians, aged 18 to 34, are more pessimistic, with 74% expecting a lower standard of living for future generations. In contrast, 65% of those 55 and older share this view.

Despite the overall gloomy outlook, the survey indicates some positive trends. Confidence in meeting housing costs has improved, with 58% of Canadians expressing no worry about their next month’s housing payment. This represents the highest level of housing cost confidence since 2021.

Inflation concerns remain significant, though relatively stable compared to previous surveys. About 42% of respondents stated that inflation hasn’t been a major problem for them. However, more than half of the participants reported either canceling a major purchase or struggling to afford basic necessities due to rising costs.

Information for this story was found via Nanos Research, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.