More than half of Canadians have delayed major life decisions such as buying a home, moving or changing careers because of concerns about the economy and their employment, new research has found.
Analysis by Harris & Partners found that 56.6% of Canadians have postponed a major life decision due to employment or economic concerns, while 56.1% say they feel less confident about their financial future than they did a year ago.
The findings come as Canada continues to navigate a period of economic uncertainty after entering what many economists describe as a technical recession, following two consecutive quarters of annualized GDP contraction. While recent data suggests some signs of recovery, uncertainty surrounding trade, investment and employment continues to weigh on consumer confidence, said the company.
The survey of 2,255 Canadians also found:
56.6% have delayed a major life decision because of employment or economic concerns.
56.1% feel less confident about their financial future than they did a year ago.
54.8% say financial worries make it difficult to concentrate at work.
43.0% have taken on overtime, a second job or additional work because of rising living costs.
38.4% say concerns about the economy have stopped them changing jobs or looking for a new role.
37.0% feel less secure in their current job than before.
The figures reflect growing concern among Canadian households despite some encouraging economic indicators in recent weeks. Canada recorded stronger-than-expected GDP growth in April following the first-quarter contraction, although businesses continue to face uncertainty linked to trade tensions and the wider economic outlook, noted the company.
"When people begin putting major life decisions on hold, it is often a sign that economic uncertainty has moved beyond the headlines and into everyday life. Buying a home, relocating or changing careers are significant milestones, but when people feel uncertain about their finances or job security, it's understandable that many choose to wait," said Joshua Harris, CEO of Harris & Partners.
"While delaying these decisions can feel like the safest option, it can also have long-term consequences. Putting off career moves, home ownership or other important milestones may mean missing opportunities that are difficult to recover later.
"Although no one can control the wider economy, taking the time to understand your financial position and seeking professional advice where needed can help people make informed decisions with greater confidence, rather than allowing uncertainty to dictate their future."