Survey shows most Canadians feel worse off financially, with 61% feeling less wealthy than average
A survey by Narrative Research found that most Canadians feel worse off financially than others, as reported on CTV News.
Margaret Chapman of Narrative Research highlighted the difference between people's actual finances and their perceptions.
“The median household income in the country is $84,000,” said Chapman in an interview with CTV Atlantic's Todd Battis. “But many people who earn over $100,000 for their household feel less wealthy than the average.”
Chapman explained that Canadians are struggling with the rising cost of living. “A lot of people feel the pinch and think they are not getting ahead,” she said. “Most people check the price of groceries before purchasing them.”
The survey revealed that Canadians are not taking as many vacations due to costs. “Even those who feel wealthy are not going on vacation because it feels too expensive,” Chapman added.
In Atlantic Canada, the findings are similar to the rest of the country. “Only 14 percent of the population feel wealthier than others,” Chapman noted.
The survey showed that 61 percent of Canadians perceive themselves as less wealthy than the average Canadian, while only 14 percent believe they are wealthier. Surprisingly, over one-third of Canadians with household incomes above $100,000 feel less wealthy than their fellow Canadians.
Nearly all Canadians consider grocery prices before purchasing (92 percent).
Positive indicators of wealth include owning a car (74 percent), owning a home (51 percent), travelling at least annually for vacation (50 percent), and eating out at least once a week (48 percent).
However, only a small proportion max out investment accounts (24 percent), own other property (17 percent), or purchase luxury items (12 percent).
The survey, conducted in partnership between Narrative Research and the Logit Group.
