Quebec workers worried about the current economic situation

A survey showed that Quebec workers are concerned and pessimistic about the current economic situation.

ÉducÉpargne and Chambre de la sécurité financière (CSF) revealed the results of their joint survey on Saturday, in collaboration with Léger.

The goal was to find out the perceptions and behaviors of Quebec workers towards the current economic situation.

Notably, the survey shows that 85% of Quebec workers are very concerned (39%) or somewhat concerned (45%) about the current economic situation.
The majority of Quebec workers (56%) believe that their financial situation will not change in 2023, and 17% fear that the situation will be worse.

“We have undertaken this collaboration with ÉducÉpargne to inform our members about the situation of consumers in Quebec. However, in the face of such a level of financial anxiety among Quebec workers, we would like to remind you that CSF-supervised consultants have important ethical obligations to their clients, including adhering to their best interests in accordance with their situation. its objectives. The Chamber’s important mission is to ensure the protection of the public by ensuring ethics, discipline, and ongoing training for advisors providing financial products and services to the Quebec public.”

The vast majority of Quebec workers (69%) are more concerned about the economic situation than the pandemic (14%).

More than half of working Quebecers (55%) have taken action to deal with the current financial situation: 64% have reduced eating out, 62% have reduced their spending on recreational activities, 49% have reduced travel and gasoline consumption and 46% have reduced their spending on groceries.

However, 23% of respondents who made changes said they reduced their savings, compared to 20% who increased it.
“Contrary to what we thought, we are pleasantly surprised that the level of savings has not been affected much by the situation. With savings being the basis of everything to ensure lasting financial health, workers in Quebec show good reactions, even in the most difficult situations. Moreover, let us We confirm that they have largely preferred to reduce their expenditures rather than reduce their savings,” declared Edusibarni’s Chairperson, Natalie Pachand.