Housing crisis, food costs and mortgage rates: The start of 2024 appears to be an extension of 2023, making the cost of living Canadians' top financial concern in the coming months, according to a recent TD survey.
Half of Canadians surveyed recognized that the cost of living was their biggest concern from a financial perspective, according to data released Thursday.
A good income in the household would not help to be more confident about the prospects for 2024, as 36% of respondents are more pessimistic about 2023.
“With the economic outlook this year still uncertain, it is no surprise that many Canadians are not optimistic about their finances heading into 2024,” said Emily Ross, vice president of Service Advice Current Banking at TD.
However, Quebecers would be more confident about their financial future, as 40% of them believe they have better prospects in 2024 than in 2023. The same goes for newcomers to the country, 67% of whom say they are optimistic .
According to TD, this is because they are more likely to receive regular financial advice, budget planning and have financial resolutions.
The survey was conducted by Maru/Bleu from November 21 to December 6, 2023, among 1,062 Canadians and 497 people who came to Canada for five years or less over the age of 25.