Job Security Concerns Rise as Canadian Economy Slows

Concerns about job security are escalating among Canadians, particularly among younger individuals, as the economy shows signs of slowing. According to recent polling from the Angus Reid Institute, a significant 37 per cent of Canadians aged 18 to 24 now identify jobs and unemployment as a top national issue. This figure has doubled since December 2022, when only 18 per cent ranked it as their primary concern.

The rising anxiety reflects the challenges faced by youth in the workforce, who encountered one of the weakest summer job markets in over a decade, excluding the pandemic years. In June and July, high unemployment rates among young adults contributed to these worries. By August, job losses began to extend to the 25 to 54 age group, indicating broader economic difficulties.

The survey revealed that overall, 40 per cent of Canadians are worried that they or someone in their household could lose their job due to current economic conditions. This concern is most pronounced among young adults, where 52 per cent express anxiety about potential job losses within their households.

Economic Context and Cost of Living Pressures

These survey results emerge just ahead of an anticipated interest rate cut by the Bank of Canada. Policymakers are grappling with a delicate situation: while inflation has started to ease, economic growth has slowed, and job losses continue to mount.

In addition to job insecurity, many Canadians are feeling the strain of rising living costs. Nearly 57 per cent report difficulty keeping up with everyday expenses, a trend that has remained consistent since 2022. Furthermore, a quarter of Canadians indicate they could not manage an unexpected expense exceeding $250, while half believe they could absorb a $1,000 financial shock.

There are, however, signs of improvement in certain areas. Housing costs have become slightly less burdensome, with 60 per cent of Canadians now stating their housing expenses are manageable. This marks a six-point improvement since September 2022, alongside a seven-point decrease in those who find housing difficult to afford.

Shifting Public Concerns

Other issues that previously dominated public discourse, such as tariffs and relations with the United States, have diminished in importance. The proportion of Canadians identifying these topics as top national issues has dropped from 41 per cent in March 2023 to just 18 per cent today.

The full results of the Angus Reid Institute poll can be accessed at www.angusreid.org. As the economic landscape continues to evolve, the increasing focus on job security and the cost of living illustrates the challenges facing many Canadians today.