Quebec workers are worried about the current economic situation

Quebec workers are worried and pessimistic about the current economic situation, according to a survey.

ÉducÉpargne and the Chambre de la sécurité financier (CSF) unveiled the results of their joint survey on Saturday in collaboration with Léger.

It aims to find out the perceptions and behaviors of Quebec workers regarding the current economic situation.

The survey notably shows that 85% of Quebec workers are very (39%) or somewhat concerned (45%) about the current economic situation.
A majority of Quebec workers (56%) believe their economic situation will remain unchanged in 2023, and 17% fear it will worsen.

“We undertook this collaboration with ÉducÉpargne to inform our members about the situation of Quebec consumers. However, in the face of such a level of financial anxiety among Quebec workers, we would like to remind you that advisers supervised by the CSF have important ethical responsibilities towards their clients, including looking out for their best interests according to their situation. Financial and their objectives. “An important mission of the Chamber is to ensure the protection of the public by ensuring the ethics, discipline and ongoing training of advisers who provide financial products and services to the people of Quebec,” said Marie Elaine Farley, CSF President and Chief Executive Officer.

A majority of Quebec workers (69%) are more concerned about the economic situation than the pandemic (14%).

More than half (55%) of working Quebecers have taken action to deal with the current financial situation: 64% have cut back on their meals, 62% have cut back on their spending on leisure activities, 49% have limited their travel and gasoline consumption, and 46% have cut back on their grocery spending.

However, 23% of respondents who made changes said they reduced their savings, while 20% increased them.
“Contrary to what we expected, we were surprised that savings levels were not affected much by the situation. Thrift is the basis of everything to ensure lasting financial health, Quebec workers show good reflexes even in the most difficult situations. Moreover, let us emphasize that they are more inclined to cut their expenses than to cut their savings,” declared Nathalie Bachand, President of the Board of Educapeargne.