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Canadians worried about a recession in 2023, says poll

Concern over holiday spending is also high.
Canadians are feeling the pinch as the cost of living rises.

If you're worried about the long-term effects of the cost of living rising and inflation, you're not alone.

According to an Ipsos and Global News poll release on Dec. 7, 86 per cent (up three per cent from October) of Canadians are worried Canada will go through a recession within the next year, with 37 per cent saying they are "very concerned." 

Meanwhile, 71 per cent of Canadians are worried interest rates will increase quicker than they can adjust while 61 per cent of respondents said they were concerned they might not be able to afford gas. 

Fifty-three per cent said they are worried they might not be able to feed their families. 

"Time will tell how long it will be until sentiment improves, or whether we are indeed on a sure road to recession," a press release said.

The Ipsos data also said concern over holiday spending is higher among parents, with 65 per cent saying they are worried about over-indulging financially. Sixty-four per cent of parent respondents were worried they might not be able to buy gifts

Those who were polled were asked how concerned they were about the following: 

  • That Canada will face an economic recession in the next year: 86 per cent
  • That inflation will make everyday things less affordable for you: 81 per cent
  • That interest rates will rise quicker than you can adjust: 71 per cent
  • That economic troubles will impact your retirement plans: 67 per cent 
  • That you might not be able to afford gasoline: 61 per cent 
  • That you might not have enough money to feed your family: 53 per cent
  • That you might not have enough money to buy holiday gifts for family or loved ones: 52 per cent
  • That you will get in over your head with holiday spending: 48 per cent
  • That you may lose your job if the economy does not improve: 42 per cent 

The Ipsos and Global poll was conducted between Nov. 11 and 15 with 1,005 Canadians aged 18 and older interviewed. 

Ipsos says the precision of its online polls is measured using a credibility interval. This poll is accurate to within +3.5 percentage points, 19 times out of 20, had all Canadians aged 18+ been polled. 

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