Consumers end 2013 more confident

Canadian consumer confidence ended the year on the upswing, shows an Investors Group consumer confidence survey.

Much of the growth in confidence over the last quarter can be attributed to more positive feelings about the immediate and near-term.

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One in five say they’re better off financially compared to a year ago, while 18% feel they are worse off. In August, this split was 17%-18%, while a year ago it was 18%-22%. Residents of Ontario and Alberta are more likely than those in Quebec and British Columbia to feel better off financially compared to a year ago.

Almost three-in-ten (28%) feel they will be better off financially a year from now. Conversely, 10% feel they will be worse off. In August, this split was 21%-12%, while a year ago it was 24%-13%. Residents of Alberta and Ontario are once again the most optimistic, with 34% and 28%, respectively, saying they expect to be better off financially a year from now.

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Opinion is split on what the next twelve months will bring to the Canadian economy. Overall, 17% feel the next twelve months will bring good times to the economy, while 15% feel the next twelve months will bring bad times. However, this does represent a more positive compared to the last quarter when 13% saw good times ahead, and 15% saw bad times. A year ago, this split was 13%-20%.

Half feel that over the next five years it is more likely Canada as a whole will have continuous periods of good times, while 35% feel this time period will bring widespread unemployment and recession. In August, this split was 48%-37%, while a year ago it was 47%-38%. Residents of the Prairies are the most optimistic that the next five years will bring continuous periods of good times.

Half of those surveyed feel now is a good time to make a major purchase, while 31% feel it is a bad time to make such a purchase. In August, this split was 49%-31%, while a year ago it was 46%-35%.

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Staff

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