Confidence in Canada's economy surges among seniors, while younger adults report lower optimism
Older Canadians, particularly those aged 60 and over, are showing the highest level of economic confidence in over two years, according to the Bloomberg Nanos Canadian Confidence Index.
As reported by Financial Post, the confidence index for this age group climbed to 57.7 last week, the best reading since February 2022. A score above 50 signifies a positive economic outlook.
This rise in confidence places older Canadians in a historically high position, with their sentiment stronger than nearly 90 percent of all polls conducted since the survey began in 2008.
In contrast, younger Canadians aged 18 to 29 are expressing some of the lowest economic confidence, with their outlook worse than in two-thirds of all past polls.
The economic divide between generations is becoming increasingly visible in the political arena. Young voters, who once played a pivotal role in helping Prime Minister Justin Trudeau’s Liberal Party secure a majority in 2015, are now moving away from the party.
Meanwhile, older Canadians have become the core of Liberal support, although the Conservative Party remains the most popular across all age groups.
Political efforts to win over senior voters are intensifying.
The Bloc Quebecois, a separatist party in Quebec, has threatened to open talks with other parties to force an election if the Liberal government does not increase payments to people aged 65 to 74 by October 29.
The Conservative Party has supported the Bloc’s motion for a 10 percent increase to Old Age Security for younger seniors. This program currently serves 7.4 million Canadians, representing more than 90 percent of people aged 65 and older.
Statistics Canada reports that the typical senior household in Canada has a net worth of over $1m. The wealthiest demographic, aged 55 to 64, boasts a median net worth of $1.6m as of the second quarter of the year.
