Toronto, ON (Dec. 12, 2012) – According to a Sun Life/Ipsos Reid study released today, almost two-thirds of Canadians (63 per cent) are concerned that Canada’s economy will be hurt by the impact of the U.S. fiscal cliff, an unprecedented predicament created by a package of tax increases and spending cuts that could be implemented in the U.S. in the new year.
The Annual Check-Up Survey, commissioned by Sun Life Financial, polled 1,277 respondents examining how Canadians feel about personal finances and the economy at the end of this year.
The survey also found that 54 per cent of Canadians are not better off financially than they were a year ago.
“Along with high debt levels and a slowing real estate market in Canada, the fiscal cliff situation in the U.S. is giving Canadians another reason to worry about the Canadian economy,” said Sadiq S. Adatia, Chief Investment Officer, Sun Life Global Investments.
Regional highlights from Sun Life’s Annual Check-Up survey include:
- Ontarians (31 per cent) and Quebecers (28 per cent) are more likely to be pessimistic about the Canadian economy in 2013. They were the only provinces above the national average (26 per cent).
- Seventy per cent of Ontarians are concerned about the effects of the U.S. fiscal cliff on the Canadian economy — the highest rate of concern in the country.
- Sixty per cent of Ontarians and 57 per cent of Atlantic Canadians say they are not better off financially than they were a year ago. The national average is 54 per cent.
Past research has also shown that Canadians who have a financial advisor or a written financial plan are less likely to feel stressed about their retirement savings.1 Checking in with your financial advisor on a regular basis could help to ensure that your financial plan is meeting your needs.
About the survey
These are some of the findings of an Ipsos Reid poll conducted between November 20 and 27, 2012, on behalf of Sun Life Financial. A sample of 1,277 adult Canadians from the Ipsos Canadian online panel was interviewed. Weighting was then employed to balance demographics and ensure that the sample’s composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. A survey with an unweighted probability sample of this size and a 100 per cent response rate would have an estimated margin of error of +/- 2.7 percentage points, 19 times out of 20, of what the results would have been had the entire population of adults in Canada been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Vietnam and Bermuda. As of September 30, 2012, the Sun Life Financial group of companies had total AUM of $515 billion. For more information please visit www.sunlife.com.