March 21, 2023

The Queens County Citizen

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Personal Finance | Quebeckers stand out especially for their low financial anxiety

Personal Finance |  Quebeckers stand out especially for their low financial anxiety

Inflation, $ 90 fill-ups, skyrocketing house prices, rising interest rates and steep grocery bills are causing concern across the country. But not less in Quebec.

Posted at 6:30 p.m.

Quebeckers stand out by displaying the highest level of enthusiasm in the country when it comes to their personal financial circumstances and rising cost of living.

In the province, 58% of residents said they were worried about their financial situation. Elsewhere in the country, the average was 66%, according to a survey conducted by Léger for Option consommateurs on Tuesday. The vast majority (70%) of people with anxiety are found in prairies.

When it comes to inflation on everyone’s lips, 35% of Cubans feel it puts significant stress on their lives. Again, this is lower than the average, which is 42% in other provinces. In Prairies, rising prices are putting significant pressure on half of the population. Oops!

These differences are “significant”, said Justice Christian Bork, executive vice president and partner at Leger. But they are not so surprising. He said Quebeckers have always been “a small form of negligence and ignorance”. Attitudes that are part of the personality of a particular society. And not just in finance.

At a time when the pandemic was raging, Cubans were less afraid of being exposed to COVID-19 than other Canadians, and they were more likely to reopen schools, the expert example provides.

In surveys of satisfaction with businesses, Quebeckers see Christian Bork as “always more positive” and “culturally biased.”

These differences were also seen in the results of a survey commissioned by the Royal Bank in January. He asked if Canadians feel “financially engaged” and if they fear their financial situation will deteriorate in the coming year. Conflicts between Quebec and other provinces are volatile.

These results can be attributed to the unique personality of the Quebecs, but we must not forget that the economic growth of the province raises collective optimism. The unemployment rate is at a historic 4.1% and wages rose 5.5% in 12 months in March, Statistics Canada told us a few days ago.

I thought the Legalt government’s announcement of a $ 500 check to 94% of the population would have an impact on the survey results, but it was conducted in the weeks before that.

The situation, which is changing from one province to another, is also reflected in the offices of insolvency trustees, said Ronald Gagnon, a partner at BDO Canada. “My colleagues in Alberta are completely overwhelmed! And even those in British Columbia. The situation in Quebec is different, there are less bankruptcy files than there were a year ago. ⁇

Uneven distribution of anxiety

In this type of study, it is always interesting to focus on the statistics that led to the average and to break them down. Because this average hides many inequalities, predictable.

Women, for example, have a much lower gen than men. Vacancies are 10 points or more.

This is, unfortunately, a feature of many facts, starting with the fact that women earn less than men. In addition, they have to meet the needs of their offspring.

Having children in the context of rising prices can have a significant impact on mood and wallet.

If inflation affects those who are low the most, almost no one will shy away from worrying about their bank account. In fact, less than half of Canadians earning $ 100,000 or more a year say they are worried about their financial situation. This level rises to 77% for those whose income does not reach $ 40,000.

Option Consometers, which offers free budget consulting services in Montreal, said its customers were particularly concerned about food prices (+ 7.4% in February). “For example, we see it when we post on social networks describing how to make a grocery basket: people are looking for solutions,” its spokeswoman Mary-Eve Dumont reported.

According to Leger Sounding, which is a little earlier than gasoline, this is actually a budget issue that is of great concern to Cubakers. Rental, electricity, health and telecommunications are the same across the country in that order.

When it comes to personal loans (without mortgage or car loan), it is in a particular society where there is very little concern. Were you surprised?

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