Even wealthy Canadians are worried about the economy new polling finds

Canadians are getting very worried about the state of their country’s economy according to new polling from Maru Public Opinion that found a majority of the adults thought Canada’s economy was on the wrong track. 

The Maru Household Outlook Index has been asking Canadians about their thoughts on the economy since 2021 but the September edition of the market research company’s polling survey revealed something worrying. 

Financial Post covered the story and reported that 70% of respondents told Maru Public Opinion Canada’s economy was on the wrong track. This was the highest the reading has been since the research firm began recording it. 

The Maru Household Outlook Index base number is 100 and anything above that range indicates optimism about an economy. Unfortunately, the September edition of the index for Canada was pegged at 84, which isn’t good. 

Financial Post reported that the September Maru Household Outlook Index was down by two points from the previous reading and was the research company’s second worst measure since April 2021 when it drifted to 83. 

Anything below 100 on the Maru Household Outlook Index is considered pessimistic and the research company revises its index every month by asking a panel of roughly 1,500 people questions on an economy’s 60-day prospects. 

Financial Post reported Maru’s September index found financial distress was the cause of the decline in optimism and noted as an example that 30% of respondents said that they were worse off in September than the month before. 

More importantly, Maru’s polling found that 57% of respondents struggled to make ends meet while the 23% percent of people who said they were acutely actually affected with worry about the economy was the highest it had ever been. 

One in four respondents said that they might not be able to keep a roof over their heads and it wasn’t just the economically disadvantaged who were struggling. People who made over $100,000 annually were also having problems. 

Maru’s polling found that one-quarter of those in the $100,000-plus income bracket said they were worse off than in the previous month and were struggling to make ends meet. 14% said they may even need to default on a loan or mortgage.