According to a survey, workers in Quebec are worried and pessimistic about the current economic situation.
ÉducÉpargne and the Chambre de la sécurité financière (CSF) presented on Saturday the results of their joint survey, carried out in collaboration with the Léger company.
The aim was to get to know the perceptions and behaviors of workers in Quebec with regard to the current economic situation.
Specifically, the survey shows that 85% of workers in Quebec are very concerned (39%) or somewhat concerned (45%) about the current state of the economy.
A majority of workers in Quebec (56%) believe their financial situation will not change in 2023, and 17% fear it will get worse.
“We entered into this collaboration with ÉducÉpargne to update our members on the situation of consumers in Quebec. However, with such levels of financial anxiety among Quebec workers, we would like to remind you that CSF-supervised advisors have important ethical obligations to their clients, including a duty to look after their best interests as appropriate to your goals. The Chamber’s important role is to ensure the protection of the public by ensuring the ethics, discipline and ongoing training of advisors offering financial products and services to the Quebec public,” said Me Marie Elaine Farley, President and Chief Executive Officer of the CSF.
A large majority of workers in Quebec (69%) are more concerned about the economy than the pandemic (14%).
More than half of working Quebecers (55%) have taken action to cope with the current financial situation: 64% have reduced their dining out, 62% have reduced their leisure spending, 49% have reduced travel and gas consumption, and 46% have reduced their spending % they have reduced their grocery expenses.
However, 23% of respondents who made changes said they reduced their savings, while 20% increased them.
“Contrary to what we might have thought, we are pleasantly surprised that the level of savings has not been overly impacted by the situation. Because savings is the foundation of everything to ensure continued financial health, workers in Quebec show quick reflexes in even the most difficult situations. Let us also emphasize that they have largely preferred reducing their spending to reducing their savings,” said ÉducÉpargne CEO Nathalie Bachand.