Young Canadians are increasingly pessimistic about Canada’s economic situation compared to a year ago and are more willing to stay in their current jobs than leave, a recent survey from Leger shows.
The results are part of Leger’s latest Youth Study Report, released Thursday, which asked 3,007 Canadians between the ages of 15 and 39 questions about finances, the future and employment.
“Whether realistic or cynical, they are nervous about the future and prefer to live in the moment,” the report says. “They do not trust traditional institutions to make things better; rather, they prefer to embody change locally.”
The survey, conducted between Sept. 27 and Oct. 11, found 74 per cent of Generation Z and millennial Canadians do not believe the country’s economic situation will improve in the following year, compared to 66 per cent of those polled in 2021.
Seventy-three per cent say they also don’t believe Canada’s political situation will get better in 2023, down from 77 per cent in the last survey.
Meanwhile, 78 per cent don’t believe the current situation with the environment will improve, down slightly from 79 per cent in 2021.
The survey also asked respondents questions about their overall happiness, with 67 per cent saying they feel generally happy in life compared to 23 per cent who disagreed.
More young Canadians, 26 per cent, also say they have experienced significant depression, up from 21 per cent in 2021.
FINANCES
Asked about their personal finances, 22 per cent of young people considered them to be in good shape, compared to 47 per cent who said they were normal and 28 per cent who described them as poor.
“Quite pessimistic about the state of the financial markets and their access to property, young people adapt their behaviour according to soaring inflation,” the report states.
“Faced with these uncertainties about their future, we are seeing a return to financial prudence for many of them.”
Forty-four per cent said they were living paycheque to paycheque, about one-third expect to be richer than their parents and 24 per cent do not have any investments.
Of those surveyed who are homeowners, 42 per cent said their mortgage takes up too much of their expenses.
Among renters, 77 per cent said they rent because they are unable to purchase property and 68 per cent don’t think they will be able to buy in the next few years.
A majority, 66 per cent, of young people living with their parents also said they are doing so because they can’t buy property or pay rent.
EMPLOYMENT
Sixty-seven per cent of respondents said work is very or somewhat important in their lives compared to 31 per cent who said it is either not important at all or just a way to pay the bills.
However, young people are currently more likely to stay in their current jobs, at least in the short term, with 13 per cent saying they want to change jobs in the next year, down from 25 per cent in the 2021 study.
Among young people who do intend on leaving their jobs in the next year, 59 per cent said they could be convinced to stay if their employer increased their salary. More benefits and freedom with their work schedule and location came in second at 24 per cent.
Half of young workers also said they do what is expected of them or less at work.
“While important, employment is not necessarily central to Generation Z and millennials’ lives,” the report says.
“Favoured by the labour shortage, they have the luxury of choosing a job that offers them work-life balance and exciting career challenges. If 2021 was the year of job mobility, 2022 may well be the year of stability, with a decreasing number of young workers saying they want to leave their company in the next year.”
The results of the Leger survey differ from those of another recently-published study conducted by a business consulting firm. According to Robert Half, which polled a smaller group of Canadians a short time after the Leger survey was conducted, about half of Gen Zs and millennials plan on looking for a new job in the new year.
The results of that study suggested that economic uncertainty and the rising cost of inflation were driving younger workers to look for better-paying gigs.
FREDERICTON – New Brunswick‘s finance minister says the province recorded a surplus of $500.8 million for the fiscal year that ended in March.
Ernie Steeves says the amount — more than 10 times higher than the province’s original $40.3-million budget projection for the 2023-24 fiscal year — was largely the result of a strong economy and population growth.
The report of a big surplus comes as the province prepares for an election campaign, which will officially start on Thursday and end with a vote on Oct. 21.
Steeves says growth of the surplus was fed by revenue from the Harmonized Sales Tax and federal money, especially for health-care funding.
Progressive Conservative Premier Blaine Higgs has promised to reduce the HST by two percentage points to 13 per cent if the party is elected to govern next month.
Meanwhile, the province’s net debt, according to the audited consolidated financial statements, has dropped from $12.3 billion in 2022-23 to $11.8 billion in the most recent fiscal year.
Liberal critic René Legacy says having a stronger balance sheet does not eliminate issues in health care, housing and education.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home.
She says the changes will come into force in December and better reflect the housing market.
The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly-built home.
Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised five months ago.
Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.
The government touts today’s announced measures as the “boldest mortgage reforms in decades,” and it comes after a year of criticism over high housing costs.
The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.
This report by The Canadian Press was first published Sept. 16, 2024.
OTTAWA – Statistics Canada says manufacturing sales rose 1.4 per cent to $71 billion in July, helped by higher sales in the petroleum and coal and chemical product subsectors.
The increase followed a 1.7 per cent decrease in June.
The agency says sales in the petroleum and coal product subsector gained 6.7 per cent to total $8.6 billion in July as most refineries sold more, helped by higher prices and demand.
Chemical product sales rose 5.3 per cent to $5.6 billion in July, boosted by increased sales of pharmaceutical and medicine products.
Sales of wood products fell 4.8 per cent for the month to $2.9 billion, the lowest level since May 2023.
In constant dollar terms, overall manufacturing sales rose 0.9 per cent in July.
This report by The Canadian Press was first published Sept. 16, 2024.
