A widening gap emerges between national economic sentiment and personal financial confidence
Canadians have grown increasingly pessimistic about the national economy while maintaining relative confidence in their personal financial situations, according to new polling data released Monday by the Angus Reid Institute.
The percentage of Canadians who describe the national economy as good or very good dropped 14 points from 49% in June to 35% in September. Three in five Canadians now rate the economy as either poor (41%) or very poor (20%).
Despite national economic concerns, two-thirds of Canadians (68%) describe their household finances as at least good, though this represents a four-point decline since June.
“The good news is that Canadians also say these perceptions have yet to significantly impact them at the household level,” the institute noted in its report.
The polling reveals stark generational differences in economic outlook. Retirement-age Canadians show equal numbers describing the economy as good (48%) or poor (48%), while all other age groups are approximately twice as likely to describe it as poor rather than good.
Provincial perspectives vary significantly, with Alberta (51%) and Saskatchewan (46%) residents most likely to say their provincial economy is in good shape. Quebec residents expressed the most pessimism, with only 32% rating their provincial economy positively.
Two in five Canadians (39%) report being worse off now than one year ago, while just 16% say they are better off. The largest group (43%) reported no significant change in their financial situation.
Looking ahead, expectations remain subdued. Only 19% of Canadians expect their financial situation to improve by September 2026, while 29% anticipate being worse off.
Source: Angus Reid Institute
The economic uncertainty comes as unemployment reached 7.1% in August, the highest rate since spring 2016, excluding COVID-era data. Recent projections from RBC suggest low single-digit GDP growth for the year, while many provincial deficits are forecast to expand significantly.
All 10 provinces are projecting deficits for the 2025-26 fiscal year, ranging from Saskatchewan’s $349 million shortfall to Ontario’s projected $14.6 billion deficit.
The polling data reflects growing concerns about job security, particularly among younger Canadians, with two in five overall saying they or someone in their household may lose employment.
The Angus Reid Institute conducted the survey as part of its ongoing economic sentiment tracking throughout 2025.
