This is not a chronicle of that kind call to actionas we say in communication jargon.
You won’t call your banker, you won’t change your wallet, you won’t change your credit card, you won’t complain to a government agency, you won’t revise your budget once you have one.
No, this chronicle will above all tell you that you are not alone.
You are not alone in your worries. Let’s throw in the big number: 85%. This is the proportion of workers in Quebec who say they are concerned about the current state of the economy.
This data comes from the results of an initial survey by Le Journal. The survey was conducted by Léger on behalf of the organization ÉducÉpargne and the Chambre de la sécurité financière (CSF).
That’s a lot of concerned people, and if pensioners had been interviewed, the picture wouldn’t be any better. Among the population earning $40,000 or less, 90% are concerned about the economy.
The exercise doesn’t say anything about it, but we suspect the main source of all these fears: inflation, which is sparing nothing and nobody.
“Unless you’re of a certain age, you’ve never seen inflation this high in your life. I can attest that this is the most important issue at the moment, my clients are asking me about it more than ever,” says financial planner Nathalie Bachand, CEO of ÉducÉpargne.
That would be enough, but it doesn’t stop there. Young homeowners are suffering from rising mortgage rates, while older homeowners are on edge as stock markets have fallen since late last year. Persistent rumors of a recession are growing in the background.
We’ve seen a better atmosphere.
No wonder inflation and the economy in general are the focus of the election campaign as it draws to a close.
The majority of workers surveyed have had to adapt, with 55% saying they have made changes to their personal finances.
If we had to draw a sketch of the person most likely to change their habits, it would be female (61%), young (70%), single (63%) and rented (61%).
Of those whose habits have changed, 83% say they have reduced spending on leisure time; two out of three people have reduced their restaurant expenses; 62% slowed down on cultural trips and in bars; 44% say they spent less than expected on vacation.
Still among the 55% who have changed their behavior, three out of four people have cut back on essentials, namely fuel (49%), groceries (46%) and telecommunications services (26%).
In this group, nearly a third have postponed a home purchase or renovation project, and 19% have stopped saving.
increase in spending
The good news? Even more people increased their savings! Of those who changed their behavior recently, 20% save more money. “Many workers save more by reducing their spending. For me it is the surprise of the survey. Despite the difficult environment, there are some who are doing what is necessary to maintain their financial health, they have the right reflex,” observes Nathalie Bachand.
I told you that this column is not a call to action, but you can always meditate on it.
A large majority of those affected
HOW CONCERNED ARE YOU ABOUT THE CURRENT ECONOMIC SITUATION? (rounded data)
- Very concerned: 39%
- A little concerned: 45%
Not affected: fifteen%
- unconcerned: 13%
- Not affected at all: 3%
♦ Internet survey conducted between August 9 and 16, 2022 of 1,000 full-time, part-time and self-employed workers aged 18 and over residing in Quebec who can express themselves in French or English.