In the Bank of Canada’s Canadian Survey of Consumer Expectations, all age groups considered themselves financially worse off today than 12 months ago. With the exception of the seemingly always optimistic 18–24-year-olds, all age groups expect to be worse off in 12 months as well. These results indicate a poor state of financial well-being that will act as a drag on economic growth, reinforcing the Bank’s recent decision to cut the overnight rate. For more on the Bank’s latest announcement, see this C.D. Howe Institute op-ed.
