Falling consumer confidence leads to anger about personal finances
Canadians already pessimistic about finances, await tomorrow's rate announcement
NEW WESTMINSTER, BC, Sept. 6, 2022 /CNW/ - For some Canadians, their current financial situation is making them downright angry. That's according to the Rage Index, -- a new monthly survey by Pollara, tracking Canadian sentiment regarding topics such as government, economy, and current events. The Rage Index survey found that 32% of Canadians felt "angry" about their personal financial situation. "It can be a very powerless feeling to be in financial trouble, especially in a difficult economy like this one," says Anne Arbour, with the Credit Counselling Society (CCS). "People can have different emotional responses to financial stress and anger is certainly one of them."
Arbour also points out that getting to work on solving the issue can help offset some of the anger. "A great antidote when you're feeling angry is to take action. It helps you regain a sense of control, whether you work on adjusting your budget, find a way to cut costs, or reach out to a professional organization for help."
A recent survey from the Angus Reid Institute found that just over half (52%) of Canadians said they couldn't manage a sudden expense of more than $1,000; while two-in-five (39%) Canadians worry that they have too much debt. If you find yourself struggling within this unpredictable economic climate, you're not alone and it's important to get help sooner rather than later, urges Isaiah Chan, Vice President, Programs & Services at CCS. "CCS works with individuals facing a variety of financial difficulties, including those struggling to make ends meet and wanting to regain control of their finances. We urge anyone who needs financial advice, help, or resources to reach out to us."
Ipsos' Global Consumer Confidence Index -- a monthly tracker of consumer confidence in the areas of personal, economy, current, future, and overall -- is sitting at its lowest point since April 2021, with sub-indices such as investment, jobs, and expectations also declining in consumer confidence.Ipsos' new Consumer Confidence metrics found that Canadians' overall confidence was rated an underwhelming "mildly negative" (–2% versus its norm), down 1 point over the last month. The results highlight an increasing trend of pessimism when it comes to the economy and finances.
"We are seeing a drop in people's confidence about their finances," reports Chan. "Not only are more individuals coming to us for help as they're struggling to make ends meet, but for many it's hard to see a light at the end of the tunnel when prices are going up and their wages remain the same."
Ongoing inflation, the war in Ukraine, and COVID-19 are all likely contributing to the more pessimistic outlook many are having about their finances, but as Arbour points out, help is available. "Given the current geopolitical situation in the world, as well as rising costs, and job instability, many people are feeling less than optimistic about their financial future. We want Canadians to know that getting help with your finances, even simply talking to an expert about budgeting and debt repayment options, can go a long way to alleviating some of the negative feelings that can come with financial stress or difficulties."
The Credit Counselling Society is a non-profit organization dedicated to helping consumers manage their money and debt better. CCS provides free, confidential credit counselling, debt repayment options, budgeting assistance and financial education. Visit www.nomoredebts.org
SOURCE Credit Counselling Society
Media Inquires: The Credit Counselling Society has spokespeople from across Canada available for interviews to discuss this topic as well as any other relevant financial topics. Please feel free to reach out to the number below: Monika Ritchie, Media & Content Specialist, Direct: 604.636.0227, Email: [email protected]
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