Canadians less anxious about interest rates despite hikes: Maru

A new Maru Public Opinion survey has found that despite interest rate hikes by the Bank of Canada, part of the goal to lower inflation, less Canadians are feeling anxious and worried about the five per cent it sits at today than they were last October when rates were 3.25 per cent.

Fifty-two per cent of Canadians, down from 57 per cent, say the rise in interest rates over the past year, with 39 per cent (down from 36 per cent) is causing some anxiety because of money pressures. Sixteen per cent (down from 18 per cent) say the rise makes them worried about where it may lead to financially for themselves or their family.

The remaining 48 per cent (up from 43 per cent) say the higher interest rates are not a problem for themselves or their family.

The 16 per cent who are the most worried about the rates impacting themselves or their families are middle-aged and younger (aged 54 or less), those with the lowest income (18 per cent make less than $50K), and those residing in British Columbia (21 per cent), along with those living in Alberta/Manitoba/Saskatchewan (19 per cent).

Of those most likely to find the hiked rates are causing anxiety because of money pressures, 50 per cent are young Canadians aged 18-34, those earning a middle income of $50k-$99k, and 41 per cent of people residing in Manitoba/Saskatchewan.

Forty per cent of people living in Atlantic Canada, 39 per cent of people living in Alberta, and 38 per cent of people living in British Columbia also account for that demographic.

The remaining 48 per cent of Canadians who say the higher rates are not a problem for either themselves or their family are most likely to be older with 61 per cent of people 55 or older, middle income earners with 49 per cent making more than $50K, with 58 per cent living in Quebec saying the rates are no a problem, 47 per cent of people living in Ontario, and 45 per cent of people living Atlantic Canada.

The results for men and women are virtually identical for each measure.

The results are the findings from a Maru Public Opinion online panel survey done by its sample and data collectors at Maru/Blue from July 21 to 24, among a random selection of 1,527 Canadian adults who are Maru Voice Canada panelists.