Eight out of ten Canadians expect the country is headed into a recession and they are making lifestyle changes in anticipation of this development.
A survey by BMO Bank of Montreal has revealed that a big majority of us have concluded that a recession is going to occur — even though Canada hasn’t yet met the technical requirements to declare its arrival.
But the fear is strong enough that 80 per cent of those surveyed said they were cutting back in anticipation of it.
Fears of a recession are also undermining our financial confidence. The bank’s index on this metric is moving downward and almost half of those surveyed said they often spend more than they know they should.
There are some interesting differences between age groups. Older people are more likely to worry about the recessionary threat and how it will undermine their financial security. Meanwhile those in the Gen Z and Millennial age groups are most likely to say they are in better financial shape today than they were a year ago.
