Preparing your finances for further COVID-19 escalation
Nearly two-thirds of Canadians are worried about how COVID-19 will impact their personal finances, according to an Angus Reid Institute poll released Tuesday.
The poll found that 65 per cent of Canadians surveyed are worried about how the COVID-19 pandemic will hurt their own personal bottom line following recent rate cuts by the Bank of Canada and the announcement of financial aid from the Finance Ministry.
Ontario Premier Doug Ford declared a state of emergency Tuesday and ordered the closure of bars, restaurants, libraries and public events with over 50 people. On Monday, Prime Minister Justin Trudeau announced Canada would close its borders to non-residents, while providing an exemption to U.S. residents.
Canadians’ outlook on the virus itself has rapidly escalated, with 68 per cent of respondents stating they view the COVID-19 as “serious” -- an increase of more than 50 per cent of people polled compared to a prior survey conducted ten days earlier.
However, roughly one-third of Canadians still view the virus situation as “overblown”, Angus Reid said. The pollster said that those who say this are more likely to either be under the age of 35, a middle-aged male, or someone who voted for the Conservative Party of Canada is the last federal election.
Canadians’ anxiety on becoming ill, or a loved one getting sick, is on the rise with the survey finding that more than twice as many Canadians (76 per cent) are worried about the health of themselves and their loved ones than a prior poll taken six weeks ago (39 per cent).
The survey also found that Canadians are placing more trust in their institutions such as government and media than ever before. Canadians are becoming more confident in the information news organizations and officials are offering about the crisis than they were a week ago, while more Canadians are impressed with their provincial and federal governments’ response to the crisis over the same period of time.
The survey polled 1,593 Canadian adults who are members of Angus Reid Forum in an online survey conducted from March 13 to 16. The poll has a margin of error of 2.5 percentage points, 19 times out of 20.