The majority of Canadians are worried about a recession in 2024, according to a new survey, but the number of concerned people has fallen compared to a year ago. 

Those are the findings of the latest survey from BNN Bloomberg and RATESDOTCA, which was conducted by Leger. A total of 1,530 Canadians over the age of 18 took part from Dec. 8 to 10. 

Seventy-two per cent of those surveyed said they are worried about a recession in 2024. That figure is down from a year ago, when the same survey found 81 per cent of Canadians were worried. 

A predicted recession did not materialize this year, which has likely played a part in increasing confidence.

Many economists had forecast that Canada would enter a recession in 2023, with some even calling for a “severe” recession to strike the country. 


Those calls seemed sound at the time, as the Bank of Canada was undertaking one of the most aggressive rate hike campaigns in decades to tame in a bid to inflation. That campaign has so far brought the inflation rate to 3.1 per cent as of November, down from 8.1 per cent last year.

The Canadian economy has proven to be resilient amid the rate hikes. While the unemployment rate has risen to 5.8 per cent from a low of five per cent last year, overall activity has remained in growth mode for much of 2023. 

That has translated to more confidence for Canadians. The survey found that 25 per cent of respondents are not worried about a recession, compared to just 15 per cent a year ago. 

There is an age divide, however, as 81 per cent of Canadians aged 18 to 34 are worried, while 67 per cent of those 55 and older are worried. Those earning less than $100,000 and those who don’t own homes are also more worried than average.

Despite the concerns, only 58 per cent of surveyed Canadians said they are preparing for a recession, a minor increase from the 56 per cent last year. 

Thirty-five per cent say they are cutting spending and saving more money, while 16 per cent said they are paying down their debt. 

Eleven per cent said they are keeping savings liquid (e.g. in cash) instead of investing their money, and another 11 per cent said they’re taking more than one step to prepare for a recession. 

Finally, eight per cent said that they are either asking for a raise at work or taking on more work to prepare for a recession. This is an increase from last year, when only six per cent were. 

BNN Bloomberg has teamed up with RATESDOTCA to take the pulse of Canadians every month on key pocketbook issues as we strive to better understand how households are navigating their finances. This is the latest instalment in monthly special coverage.  

This report by The Canadian Press was first published Dec. 29, 2023.