Canadians growing more pessimistic about country’s economic outlook: Nik Nanos

Canadians are increasingly pessimistic about the direction the country is heading in, and young people have the bleakest outlook.

That is the overarching finding of a national survey by Nanos Research conducted for the Coalition for a Better Future. 

“The crisis for young people is already here,” pollster Nik Nanos said during the Coalition’s Scorecard event held March 19 at the National Arts Centre. 

When asked if economic policies are providing equal opportunities to Canadians regardless of race, gender and other identities, 35 per cent of respondents said we are heading in the wrong direction – up from 23 per cent who held that negative view a year ago.

The numbers show a deep divide when it comes to age. Of those aged 18-34, 46 per cent thought Canada is moving in the wrong direction, and of those aged 35-54, 38 per cent believe the country is on the wrong track. That compares to 27 per cent of those aged 55 and older who hold that negative view.

Nanos said the broader survey results reveal that in a post-pandemic world, young people are the most pessimistic and dissatisfied with Canada as a country - a major shift for a demographic that is usually the most optimistic.

“We may see a reckoning – a generational war coming up – where young people say, ‘You’re messing up the environment, you’re messing up the economy, you’re messing up world peace and stability.’ This is the world we’re bequeathing to young people,” he said. “And if you think people are angry and anxious now, from my perspective at least, it’s probably going to get even worse.”

The survey, conducted among 1,071 Canadians recruited randomly by telephone, was administered online between Feb. 28-March 2, 2024 and is considered accurate by plus or minus three percentage points, 19 times out of 20.

When asked if Canada is moving in the right or wrong direction when it comes to making sure Canadians have a high standard of living, only 27 per cent said the country is on a positive track, down from 29 per cent in 2023.

Of those aged 18-34 – who might be hit hard by inflation and the affordable housing crisis –  64 per cent said Canada is heading in the wrong direction. About 61 per cent of those aged 34-54 hold that same view, while those aged 55 and older are more positive, with less than half (47 per cent) saying Canada is moving in the wrong direction.

We may see a reckoning – a generational war coming up – where young people say, ‘You’re messing up the environment, you’re messing up the economy, you’re messing up world peace and stability.’ This is the world we’re bequeathing to young people.

Nik Nanos, Chief Data Scientist & Founder, Nanos Research Group of Companies

The poll also found nearly half of Canadians (49 per cent) now say Canada is heading in the wrong direction when it comes to being a leader in the fight against climate change, and 49 per cent also believe we’re on the wrong path for having strong economic growth. When it comes to making investments in innovation to be competitive on the world stage, 41 per cent of Canadians believe we’re on the wrong track.

Nanos said younger Canadians already understand the urgent need to improve the economic outlook, but there needs to be a strategy to mobilize and engage older Canadians.

“Now more than ever we need to have the conversations about the future. Now more than ever we need the convening power of the Coalition to have these conversations,” he said.