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The cost of living remains the biggest financial concern for Canadians in 2024

The cost of living remains the biggest financial concern for Canadians in 2024

Housing crisis, grocery costs and mortgage rates: The start of 2024 looks to be a stretch for 2023, making the cost of living the top financial concern for Canadians over the coming months, according to a recent TD survey.

Thus, half of Canadians surveyed admitted that the cost of living was what caught their attention most financially, according to data released Thursday.

Having a good household income will not help one feel more confident about the prospects for 2024, as 36% of respondents are more pessimistic about 2023.

“With the economic outlook remaining uncertain this year, it is not surprising that many Canadians are not feeling optimistic about their finances as we move into 2024,” said Emily Ross, Vice President of Current Banking at TD.

However, Quebecers will be more confident about their financial future, with 40 per cent believing they have better prospects in 2024 than in 2023. The same is true for new arrivals to the country, with 67 per cent saying they are optimistic.

According to TD, this is because they are more likely to get financial advice and regularly budget and make financial decisions.

The survey was conducted by Maru/Bleu among 1,062 Canadians and 497 people who arrived in Canada for five years or less over the age of 25 from November 21 to December 6, 2023.

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