A survey of 2,002 Canadians across all provinces, conducted in October 2022, has found a considerable number believe we are in a recession with many saying they are not financially prepared for it.
The bi-annual Manulife Bank Debt Survey found that 87 per cent believe we will soon enter a recession or are already in one, while 56 per cent say they think it will last at least a year. Of those surveyed, 62 per cent said they don’t feel financially prepared for a recession.
“In October 2022, Manulife Bank took the pulse of Canadians,” the firm writes, “to find out how they are feeling about the state of the economy and if they are preparing to weather the storm.”
Of those surveyed, 94 per cent said they were worried about inflation while 85 per cent said the same about interest rates.
The firm’s vice president of sales, Lysa Fitzgerald adds that “as the economic landscape is looking rocky, a large majority of Canadians are getting worried. That’s particularly telling when reviewing this season’s Manulife Bank Debt Survey results.”
