Canadians Financial Health moving into 2021

What will 2021 hold for Canadians’ financial health?

The author(s)

  • Mike Colledge President, Ipsos Public Affairs Canada
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Toronto ON, December 16, 2020 — 2020 has obviously been a very challenging year. The pandemic has wreaked havoc on the lives of Canadians, the healthcare system and the economy. And we know that this will continue well into the New Year (2021).

So where do Canadians net out in their financial health moving into 2021? The picture is not good.

  • Over four-in-ten Canadians are “struggling” at best, including almost one-in-five who are “sinking.”
  • Against this is only about one-third who are “thriving.

And, navigating any economic recovery in 2021 will be even more challenging because of the varied demands that will come from segments of society. There are sharp differences by sex, income and generation, for example, that will come into play:

  • Four times as many lower income than higher income are “sinking.”
  • Four-times as many Gen Xers and Millennials than Boomers are “sinking.”.
  • Significantly more women than men are “sinking.”

So, what is the bottom line? Significant change and help will be needed for Canadians’ financial health to rebound in 2021. The degree to which this happens or is forthcoming (or even possible) is the wild card.

About the Study

This study was conducted online from Dec 2-6, 2020, with 2,000 Canadian adults aged 18 years+

For more information, please contact:

Mike Colledge

President, Public Affairs

Mike.Colledge@ipsos.com

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The author(s)

  • Mike Colledge President, Ipsos Public Affairs Canada

Society