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Despite Negative Perceptions of the Canadian National Economy, the Majority

of Canadians Have a Positive Outlook on Their Own Personal Finances

61% think Canadian economic conditions are poor or very poor, but 66% have good or very good
personal finances, and 53% have not experienced negative financial impacts due to the pandemic.

Vancouver, Canada, March 01, 2021 --(PR.com)-- Despite perceptions of a very negative economic
environment in Canada due to COVID-19, the majority of Canadians are feeling pretty good about their
own financial situation now and in the future according to our most recent “2021 Canadian Economic
Insights Report.”

Perceptions of the national economy are far worse now than they were just before the pandemic hit this
time last year, but most seem to be feeling that it’s their neighbour’s problem, not theirs, as confidence in
their own personal financial situation is actually quite positive and comparable to pre-pandemic levels.

In February of 2021, 57% of Canadian residents rated their confidence in the Canadian Economy as
"good" or "very good," compared to only 32% currently. At the opposite end of the scale, 61% now think
the economic conditions are "poor" or "very poor" compared to only 36% last February. English Quebec
residents are a little more optimistic about the current state of the economy (43% "good" or "very good"),
followed by BC (38%), and Ontario (34%), while Albertans are the least positive (20%).

Most believe the Canadian economic downturn won’t be over anytime soon either as only 22% think that
the economy will improve this year, and a third (33%) think it will get worse. There is a lack of consensus
on perceptions of how quickly our economy will take to recover, as 35% think the current recession will
end in 2022, and 23% think it will take longer than that.

When asked about their personal financial situation, Canadian’s are far more optimistic relative to the
economy as a whole, as 66% feel that their own financial situation is "good" or "very good," numbers that
are equivalent to pre-pandemic levels (65%), and results are pretty consistent across the country. Looking
to the future, 18% feel their own financial situation will improve this upcoming year, just above the
number (14%) who think it will decline. Another measure shows that 25% think their personal income
will increase this year (BC residents are the most likely to see income improvements this year at 28%,
followed by Ontario at 26% and English Quebec at 24%).

When it comes to specific elements of their own financial situation at a household level, it appears some
Canadians are financially better off in some areas compared to pre-pandemic levels. While a large
number of Canadians (63%) are still worried about the value of their investments, the safety of their
savings (63%), or becoming unemployed (57%) these numbers are identical to this time last year. Smaller
numbers of Canadians (52%) are worried about paying their bills, carrying a balance on their credit card
(48%) or paying their mortgage or rent (42%), and each of these concerns have dropped since this time
last year (9 to 12 point drops).

The pandemic overall has had a dramatic and varying level of overall financial impact this past year on

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families across the country. The majority of Canadians indicate it has not had a negative impact; nearly
half (45%) tell us the pandemic has had no real impact on their household finances one way or the other
and 8% have experienced positive impacts. Just under half (47%) report a negative impact on their
family’s finances overall, but most of these have experienced a moderate (38%) rather than major (9%)
negative impact.

“In multiple polls we have conducted throughout this pandemic, we have found that the vast majority of
Canadians have actually fared well financially during this pandemic, despite the doom and gloom of the
various economic indicators,” says Steve Mossop, President of Insights West. “The negative financial
impact of the pandemic has been limited to a sizeable minority of the population. And there continues to
be a massive disconnect between the negative sentiment towards the overall economy versus the
perception of most people’s personal finances.”

The full report of Insight West’s 2021 Canadian Economic Insights report is available for download

About Insights West:

Insights West is a full-service marketing research firm based in Western Canada. Since 2012, the
company has conducted over one million surveys, executed 2,000 studies, and issued over 350 press
releases on a variety of topics, correctly predicting the outcomes of 25 out of 26 elections and plebiscites.
Insights West is a team of passionate, truth-seeking researchers who question everything to uncover the
truth and what is emerging for a diverse set of clients. With an understanding of shifting markets,
consumer and societal trends, and commitment to uncovering truths through a proprietary toolkit and
innovative research approaches, Insights West helps organizations make better decisions.

About this Release:

Results are based on an online study conducted from February 3-8, 2021 among a sample of 1,614
English-speaking Canadians. The margin of error—which measures sample variability—is +/- 2.4
percentage points, 19 times out of 20. Discrepancies between totals are due to rounding. Download
attached file to view the detailed data tabulations.

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Contact Information:
Insights West
Steve Mossop
Contact via Email

Online Version of Press Release:

You can read the online version of this press release at: https://www.pr.com/press-release/831893

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