Many Atlantic Canadians are worried about the potential impact of tariffs on their finances, according to a recent poll.
The Harris Poll Canada conducted a survey on Feb. 26 and Scotiabank shared these findings and conclusions in their “Worry Index.”
“Over a third are spending less and the majority are buying more local and Canadian brands. Seventy per cent are worried about the U.S. tariffs impacting their finances, this is slightly higher than the national average of 68 per cent,” says Nicola Ray Smith, Scotiabank Atlantic region senior vice president.
“Fifty-eight per cent have cut back on non-essential spending, 26 per cent financial worries keep them up at night and only 18 per cent feel their financial situation will improve in six months time.”
Ray Smith says these statistics are concerning and many Maritimers feel the same way.
Julie Dacey, who lives in Halifax, says the cost of living is already high and she is worried about the financial hit of tariffs on her bottom line.
“I won’t be able to save a dime of money, I won’t be able to do anything extra. Work, pay bills and that’s it,” says Dacey.
Marcus Varteresin says he’s lucky to have his parents’ financial help since he’s still a student but worries what all this will mean for his future plan.
“It’s certainly going to set back my plans and I am definitely worried it’s going to make living so much more expensive than it already was,” says Varteresin.
Ray Smith says these uncertainties are causing their clients to hold back on big purchases.
“We are seeing clients and sentiment broadly in the marketplace holding back. Now in terms of buying a new car, leveraging up to a bigger home, with that uncertainty with how this economic cycle might play out and how prices might increase. We are seeing in general the population waiting on bigger purchases,” says Ray Smith.
“It’s no stretch of the imagination that food prices and living prices are going up and up and up, and tariffs are just going to make that worse,” says Kacie Byers, a Halifax resident.
Experts say it’s difficult to predict what the future holds for Canadians’ finances.
“We’re likely to see volatility for the ensuing months and possibly years and that’s where it’s important to come back to your financial plan,” says Ray Smith.
Ray Smith says she advises people to have a financial plan in place.
“Make sure that you have that budget and you’re looking at your discretionary spending. If you’re going out to buy coffee every day, can you make it at home more affordable and take that couple of dollars and put that away into an emergency fund or have a bit more buffer?” says Ray Smith.
