Canadians report feeling worse about the economy as year ends

According to the findings of the Dye & Durham Canadian Pulse Report for Q4 2023, only 20 percent of Canadians felt better off financially than they were the previous year, down from the 25 percent who thought so in Q3. Conversely, the number of Canadians who say they are worse off financially today rose to 44 percent in Q4 from 39 percent in Q3. High interest rates and inflation have played a considerable role in this.

Canadians are also now more pessimistic about the overall economy in 2024, with 59 percent believing there will be a recession in the next 12 months. That’s considerably higher than the 54 percent who expected as much in Q3. Only nine percent believe Canada will avoid a recession in the next 12 months, with 31 percent believing we’re already in one.