Canadians expect European debt crisis to impact their finances

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The European debt crisis continues to impact stock markets and the global economy, and most Canadians believe the crisis will have major implications on their home soil.

According to a recent Postmedia News and Global Television survey, 84 percent of Canadians expect the global debt crisis will impact Canada, while 57 percent believe it will affect their personal finances.

"We live in an interconnected global financial system," said John Wright of Ipsos Reid, a market research firm, as reported by the source. "What is clear about this is that Canadians in their own personal financial situation are tied into the national economic framework and the vibrations that can be felt around the world."

Age is also a factor in the perceived impact the debt crises could have on Canada, as 91 percent of respondents aged 55 and older think the nation will be negatively affected, the report said. Wright added that while most Canadians are not panicking yet, they are taking a realistic approach.

The study comes as consumer confidence has reached its lowest level in more than two and a half years, according to a recent Conference Board of Canada report. Consumer confidence fell 6.5 percent during December and is down 11.1 percent compared to one year ago, the report said.

One thought on “Canadians expect European debt crisis to impact their finances

  1. European debt crisis will be swepted under the carpet for the next 3 years by extending loans and stock markets will recover. Other situations currently on the back burner(like the European crisis beginning of last year- even though it has been going on since 2010)will burst into flames and cause market turmoil perhaps, but not the Europen debt crisis as it has already flared up and steps are being taken to contain it.