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 2023 edition found that Canadians’ overall financial confidence has fallen 1 point from 2022 (51) and 7 points from 2021 (57) to 50 points 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 dropped 6 points this year, while Seniors remained the same and Newcomers to Canada fell 3 points, confirming why we continue to focus on helping to build financial confidence among these groups.