Consumer confidence inches up

Canadian consumer confidence now stands at 81.2, a jump from 79.7 in May.

“Nearly half of Canadians think [it’s] a good time to make a major purchase and also have a positive outlook for the economy over the next five years,” says Gaetan Ruest, vice president of Product and Corporate Research at Investors Group.

“The small quarter-over-quarter increase in these measures shows Canadians continue to mix a healthy dose of caution with their optimism, however,” he adds.

Read: Canada’s economic ranking improves

That said, nearly half of Canadians (48%) say the next five years will bring good times to the Canadian economy, with only 37% feel it will be a period of unemployment and recession.

In May, this split was 45% and 40%. That means peoples’ view of the five-year outlook has improved. In particular, men and those under the age of 45 are most likely to feel the next five years will be a period of good times for the Canadian economy.

However, only one-in-five respondents (21%) say they’ll be better off financially a year from now, while 12% feel they’ll be worse off. The data suggests those with household incomes exceeding $100,000 per year are most likely to be better off financially a year from now.

Today, they’re split on where they stand financially compared to a year ago. Nationally, 17% say they are better off financially, while 18% say they are worse off.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.