Cost of living remains the biggest financial concern for Canadians in 2024

Housing crisis, groceries and mortgage rates: The start of 2024 looks set to extend into 2023, making the cost of living the top financial issue for Canadians in the coming months, according to a recent TD survey.

Thus, half of Canadians surveyed identified the cost of living as their top concern from a financial perspective, according to data released Thursday.

Having a good household income does not make them more confident about the prospects for 2024, as 36% of respondents are more pessimistic about 2023.

“With the economic outlook still uncertain this year, it's no surprise that many Canadians are optimistic about their finances as we head into 2024,” said Emily Ross, current vice-president of banking, service advice at TD.

However, Quebecers are more confident about their economic future, with 40% of them believing they have better prospects in 2024 than in 2023. The same is true of newcomers to the country, 67% of whom say they are optimistic.

According to TD, this is because they get regular financial advice and budget and have financial resolutions.

The survey was conducted by Maru/Bleu among 1,062 Canadians under the age of 25 and 497 immigrants to Canada from November 21 to December 6, 2023.