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Most Canadians losing sleep over economy

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“Canadians may be worried about impending interest rate hikes and the strength of the Canadian dollar, which may be responsible for the slight drop in the Index and their weakening expectations of economic performance in both the short- and long-term.”

From what many economists see is that the tough times have yet to go away. There are more dominos to fall and they will come from the BRIC countries (look up BRIC if you don’t know who they are). These countries hold most of worlds population and their economies are growing so fast that they cannot last. They will fall and it will be a hard fall.

However, things will readjust as they always have – life will not be the same – and different countries will become powerhouses – afterall the US was not always the world super power – the UK held that distinction in the 1800 and early 1900’s. Another country will come along and become the super power (likely China) and life will go on.

Sorry, there are no polls available at the moment.

Unfortunately the collateral damage in the Western world will be lost jobs, lost business, lost homes, lost benefits, lost luxury items, lost morality, and so many other things. The economy though will survive as it is people who make a country work – not the Government. Indeed, the government likes to think it is in charge but in reality it is the people – even in countries that are ruled by force. The harder a population works, the more moral & ethical it is, the more prosperous it is. The less the people work, the more corrupt and decadent it becomes and the less they grow the economy the poorer it is – just look at Russia. International businesses hate to do business in Russia for a reason they are rampant with the Russian Mafia – no business wants to ‘pay taxes’ to a corrupt organization!

Canadians’ expectations for overall economic performance drop

TORONTO, April 1, 2010 — According to the March RBC Canadian Consumer Outlook Index, most Canadians (65 per cent) are losing sleep over their finances. More than one-in-four Canadians (27 per cent) are up at night worrying about paying off their debt, followed by nearly one-in-five (18 per cent) who worry about having enough for retirement and 16 per cent who worry about having no emergency fund. The survey also found that one-in-three (34 per cent) were not confident about any aspect of their financial situation.

More Canadians believe the national economy will worsen over the next 12 months (20 per cent in March compared to 13 per cent in February). Similar to last month’s findings, Canadians are still divided on the overall state of the economy, but the balance remains in positive territory with 54 per cent of Canadians believing the economy is good and 46 per cent describing it as bad. Overall, the March RBC Canadian Consumer Outlook Index remained virtually flat at 108 points, down from 109 in February, suggesting Canadians see the overall economic recovery as a bumpy road ahead.

“For Canadians losing sleep over their finances, my advice is to prioritize those worries from biggest to smallest, and to create a step-by-step plan to tackle them,” said David McKay, group head, Canadian Banking, RBC. “This is where professional advice can be invaluable. RBC has financial planners across Canada who can help develop a realistic plan with financial milestones that will get you back on the path to a good night’s sleep.”

Other national highlights include:

* Job Anxiety: One-in-five Canadians (22 per cent) say that a member of their household is worried about losing their job or being laid off, down from one-in-four (25 per cent) last month. Job anxiety levels increased in British Columbia (29 per cent, up two percentage points) and Quebec (23 per cent, up six percentage points).

Atlantic Canada remained unchanged at 24 per cent, while levels decreased in all other regions of the country. The lowest levels of job anxiety were in Manitoba and Saskatchewan (11 per cent, down two percentage points) and Ontario (20 per cent, down 10 percentage points).

* Personal Financial Situation (Overall): The percentage of Canadians who think that their personal financial situation will improve in the next three months has climbed to 33 per cent in March, compared to 30 per cent in February. Looking ahead, 44 per cent of Canadians expect their personal economic situation to improve over the next year.

* Interest Rates: More than two-thirds of Canadians (69 per cent) expect interest rates to go up in the next six months, up from 65 per cent in February. One-in-three Canadians (27 per cent) expect interest rates will remain unchanged over the same period. Read the full article from RBC news


  1. terrierlover terrierlover April 4, 2010

    That’s funny. You see, I had to leave the USA and go to Canada to find work. I don’t know what all these articles about Canada are about but I think the USA is in a far WORSE position than Canada.

  2. Jason Jason Post author | April 4, 2010

    From the data it is only a matter of time until Canada sinks as low as the USA. Canada is so dependent on the US for trade that it cannot be a relationship easily broken. Let nature take its course and Canada will be pushing up daisies as well.

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