For most Canadians, commodity prices are of greater concern than interest rates.
- 8% said the increase would have a positive impact on their financial situation;
- 14% said it would have some degree of positive impact;
- 29% felt it would have some degree of negative impact;
- 22% predicted a negative impact on their financial situation;
- 21% felt it would have no effect; And
- 6% were unsure.
The overall net score of the responses was -28.6.
British Columbia (BC) had the highest turnout of respondents reporting a positive/somewhat positive effect, with 23.8% predicting that outcome. It was followed by Ontario (23.7%), and Quebec at 18.1%. Survey-wide, 23.5% of male respondents said they would be positively/somewhat positively affected, while 20.9% of female respondents said the same.
On the other hand, 51.4% of respondents in Quebec considered interest rate hikes to have a more negative/somewhat negative impact on their finances, followed by Ontario at 48.8% and BC at 48.1%. More than half of male respondents (52.6%) predicted a negative/somewhat negative effect, while 49.0% of female respondents reported the same.
“Canadians are twice as likely to say that if interest rates rise in 2022, it will have a negative or somewhat negative impact on their personal finances, rather than a positive or somewhat positive impact,” the report said. ” “Younger Canadians (18-34) are more likely to say that increased interest rates have a negative or somewhat negative effect on their personal finances (63%) than older Canadians (of those 55 plus 41%) Will have.”
To the survey question, “What are you more concerned about, higher interest rates or higher prices for everyday goods like food and gas?”, the responses were: