Canadians plagued by economic anxiety: survey

Trust in political leaders appears to have hit new lows

Canadians plagued by economic anxiety: survey

Economic anxiety among Canadians is at an all-time high – outpacing even the stress caused by the COVID-19 pandemic – and confidence in political leaders to solve critical issues is notably low, according to a new survey.

The CanTrust Index for 2024 by Proof Strategies offers insight into Canadians' trust levels across various sectors, revealing a significant concern over economic challenges and a deep-seated scepticism towards politicians and government effectiveness.

Proof Strategies chief executive officer Bruce MacLellan highlighted the gravity of the situation, with the survey pointing out that women are more affected by economic anxiety than men.

"We were surprised to see how high the anxiety has gone. Two-thirds of Canadians say they currently are feeling anxiety and stress,” MacLellan said. "If people don't feel like they're getting a fair deal, if people are feeling like they're not advancing or getting ahead or taking care of their families, they start to lose trust.”

Read next: Economic strain pushing Canadians to seek financial assistance

Another striking aspect of the survey is diminishing faith in Canada's political figures.

"I think the biggest problem areas are the behaviour of politicians and how they are not contributing or building trust,” MacLellan said. This loss of faith is exemplified by the drop in trust towards Prime Minister Justin Trudeau, with only a quarter of respondents now believing he will act in the best interest of Canadians, a significant decline from the previous year.

The scepticism extends beyond individual leaders to the broader capabilities of the government, with the public showing little confidence in the ability to address issues like affordable housing, climate change, and natural disasters. This is mirrored in the low levels of trust towards various levels of government in solving the housing crisis and meeting climate targets.

Still, there are signs of improvement in certain areas. Trust in Hockey Canada has seen a rebound, while traditional media and journalists are regarded as more reliable by the public than in previous years. Trust in professionals such as doctors and scientists remains high, suggesting a respect for expertise and factual knowledge.

"These are brutal times for trust, polarized politics, economic stress, just deliberate disinformation – and yet it's encouraging when we see trust in the news media holding, and growing trust in experts, like scientists and doctors,” MacLellan said.

Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.