2020 Financial Confidence Index

Third edition of the IG Financial Confidence Index shows that Canadians are resilient in the face of COVID-19.

The author(s)

  • Sébastien Dallaire Senior Vice President, Canada, Client Org
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Toronto, ON, July 21, 2020 – In these unprecedented times, it is important to understand how financially confident Canadians are feeling. In the third edition of the Ipsos poll conducted on behalf of IG Wealth Management, Canadians are thus far demonstrating resilience despite the impact COVID-19 has had on both the economy and financial markets. The Index has risen four points (from 56 to 60) since November 2019 and one point from the first edition of the Index in November 2018.  Financial confidence levels rose in every region, demonstrating that Canadians are showing determination irrespective of province.

Several factors help explain this year’s Index results. This edition of the survey was conducted once the initial fear and anxiety around job loses caused by the crisis had diminished, emergency government relief had been put into effect and discussion about how to reopen the economy had started. In brief, Canadians at that point had reason to believe that the worst of the financial impact from the crisis was behind them.

Despite Canadians generally remaining confident vis-à-vis their situation, their sense of control over their personal financial situation has decreased significantly since the end of last year (23 per cent in 2020 versus 31 per cent in 2019). Notably, it is younger Canadians (18-34 years old) who report being disproportionately impacted in terms of their careers, with 27 per cent stating they have lost their job and 29 per cent having had their work hours cut as a result of the COVID-19 crisis.

To see detailed results for this study, please consult the report by clicking the link above or at the bottom of the page.

About this study

Research Methodology — The results presented in this summary report are from an Ipsos survey conducted from May 15 to May 20, 2020. A total sample of 2,605 respondents from across Canada participated in the survey. All surveys were conducted online, through Ipsos’ iSay panel of respondents. Weighting was applied to the total sample by age, gender, region and education level to ensure that the composition of the final sample is representative of Canada’s adult population according to the latest census data from Statistics Canada.

Since an online survey is not considered to be probabilistic, Ipsos cannot apply a margin of error to this survey. The precision of non-probabilistic Ipsos surveys is measured using a credibility interval. The credibility interval for a survey of 2,605 respondents is ±2.3 percentage points, 19 times out of 20. The credibility interval will be wider among subsets of the population.

For any additional information regarding this study, please contact:

Sébastien Dallaire
General Manager, Ipsos Québec
+1 514 904-4324
sebastien.dallaire@ipsos.com
@sdallaire73

For more information about Ipsos, please visit: https://www.ipsos.com/en-ca

About Ipsos

Ipsos is the world’s third largest market research company, present in 90 markets and employing more than 18,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.

Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).

ISIN code FR0000073298, Reuters ISOS.PA, Bloomberg IPS:FP

www.ipsos.com

The publication of these findings abides by local rules and regulations.

 

The author(s)

  • Sébastien Dallaire Senior Vice President, Canada, Client Org

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