The IG Financial Confidence Index tracks and reports on Canadians' overall financial confidence by examining IG’s Four Pillars of Financial Confidence: Personal Financial Outlook, Planning and Literacy, Trust in the Economy and Current Financial Situation.
The 2022 edition found that Canadians are generally feeling comfortable with their personal financial situation. However, their overall financial confidence has fallen 6 points (from 57 in 2021 to 51 this year) largely due to a lack of trust in where the markets and overall economy could be headed in the months ahead and concerns about rising inflation and interest rates.
Among IG’s four priority community groups, Indigenous Canadians’ confidence rose 1 point this year (though this group continues to sit below the national average), while Seniors and Newcomers to Canada fell 6 and 4 points respectively, confirming why we continue to focus on helping to build financial confidence among these groups.