Canadians ‘somewhat’ optimistic about 2023, but divided over financial security: poll

Most Canadians, particularly younger ones, say they feel optimistic about 2023 overall and are likely to set resolutions for the new year, but when it comes to key issues like financial security and reconciliation with Indigenous communities, some are divided, according to a new poll from Ipsos.

The Ipsos poll conducted exclusively for Global News was done between Dec. 14 and 16 and surveyed 1,004 Canadians 18 years old or older. Their responses suggest that six in 10 (61 per cent) are optimistic about 2023, but this is largely driven by the large portion of those who say they are “somewhat” optimistic (51 per cent) rather than those who are “very” optimistic (10 per cent), according to the survey.

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“It’s more like a fragile, tentative, cautious optimism, maybe even more of a hope than a real sense of grounded optimism about how the year is going to transpire,” Ipsos Public Affairs CEO Darrell Bricker told Global News in an interview.

“As the pandemic declined, other issues started to move back up…starting with economic concerns that have filled in the space that was vacated by the pandemic,” he added.

Prime Minister Justin Trudeau warned in a year-end interview with Global National’s Dawna Friesen that 2023 will be a “tough” year for Canadians.

“Global recession fears, slowing down in the global economy, interest rates continuing to be high, inflation still lingering — it’s going to be tough,” he said.

In an International Monetary Fund (IMF) assessment released earlier this month, the global financial agency also warned that Canada is at risk of tipping into a “mild recession,” despite outperforming its G7 counterparts.

Given the economic struggles, the poll says, “it is unsurprising that Canadians are somewhat withholding positivity.” Sixty per cent of respondents said they are optimistic that their financial situation will improve, with most being only “somewhat” optimistic (48 per cent), and 12 per cent being “very optimistic.”

Bricker says Ipsos is finding young people feel the financial pinch in a different way related specifically to day-to-day income and their personal job security.

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“They have more of a disjointed type of work relationship than previous generations might have had. But the thing that gives the younger people some sense of optimism is they feel they have time on their side,” said Bricker.

“So, it’s not like… they’re trying to hang on to assets or worried about what’s going to happen to the retirement income or anything like that at this moment.”

According to Ipsos, those 18-34-year-olds are “significantly more likely” to say they will be making a New Year resolution compared to older age groups when it comes to their finances or physical health.

The data suggests that 41 per cent of respondents make resolutions for their physical health, 32 per cent for their finances, 28 per cent for their mental health, 27 per cent for their family life, 24 per cent about learning a new skill or hobby, and 22 per cent for their work or education.

Those with children in their household are also more likely to say they will be setting resolutions on all of these areas compared to those without, Ipsos says.

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For example, the poll’s data shows that “49 per cent of parents say they will make a resolution on their physical health compared to 39 per cent of those without children.”

Canadians also have mixed perceptions when it comes to other key social and environmental issues.

According to the polling, six in 10 (60 per cent) are optimistic that Canada will make meaningful progress towards reconciliation with Indigenous communities (52 per cent somewhat and seven per cent, very). On the other hand, 45 per cent are optimistic about meaningful progress when it comes to fighting climate change (38 per cent somewhat, and seven per cent, very).

“Those 18-34 (years old) are significantly more likely to express optimism about nearly all of these topics,” according to Ipsos.

With soaring inflation and repeated interest rate hikes, Canadians both young and old report “taking actions this year to save money, largely centered around day-to-day costs,” the poll shows.

It found that Canadians are most likely to say they are buying less expensive food (42 per cent), shopping at cheaper grocery stores (37 per cent), shopping at stores that offer discounts or coupons (35 per cent), and cutting back on holiday spending overall (33 per cent).

In addition, one-quarter (25 per cent) say they are postponing or cancelling vacations and putting less money into savings (20 per cent).

Ipsos states that just under one in 10 (seven per cent) say they are accessing food banks – “which worryingly translates to over two million Canadians across the country.”

Around one-quarter (23 per cent) say “they are not engaging in any actions to save money, a sign that some may have been able to adequately weather the economic storm 2022 has presented (to) many.”

The latest Canada Food Price Report released in December 2022 suggests that Canada will see a continued rise in food prices in 2023.

The report estimates food prices will increase by another five to seven per cent on average next year, adding hundreds of dollars to the average family’s annual expenses.

— With files from Rachel Gilmore and Sean Boynton

Exclusive Global News Ipsos polls are protected by copyright. The information and/or data may only be rebroadcast or republished with full and proper credit and attribution to “Global News Ipsos.” This poll was conducted between December 14 and 16, 2022, on behalf of Global News. For this survey, a sample of 1,004 Canadians aged 18+ was interviewed. The precision of Ipsos online polls is measured using a credibility interval. This poll is accurate.