While Ontarians have much to be grateful for this Thanksgiving, a new poll by Ipsos suggests working residents have a lot on their minds.
According to the MNP Consumer Debt Index, we are worried about the rise of artificial intelligence and the impact it could have on our employment, economic uncertainty, and the labour market.
Three in five working Ontarians say they're worried about job mobility, while 21 per cent feel less secure in their job than they did a year ago.
More than four in ten worry A.I. could replace them at work, impacting their income, while 56 per cent fear if they lose their job they won't have enough savings to support themselves and their family for six months without incurring debt or falling behind on their bills.
"Even when a household is managing debt today, uncertainty about whether income could be replaced if their job situation changed can make that debt feel much more precarious," said Licensed Insolvency Trustee with MNP Caryl Newbery-Mitchell. "When there are limited savings available to bridge a period of lower income, job loss, reduction in hours or change in pay can quickly make existing debt payments much harder to manage."
A third of respondents worry finding a new job with similar pay and benefits will be a struggle. A quarter say there are fewer opportunities available in their field or industry.
Changing careers is another concern highlighted in the survey. Thirty-one per cent say they are reluctant to leave their current position because of labour market uncertainties. Twenty-one per cent say they would like to change jobs but don't feel financially secure enough to risk a period of lower or no income.
The national MNP Consumer Debt Index has risen four points over the past year, but 46 per cent of Ontario workers say they have $200 or less to meet their monthly financial obligations. Thirty-seven per cent fear they won't be able to cope with the loss of employment without increasing their debt load, 34 per cent lack confidence in their ability to cope financially with an illness that prevents them from working, and 28 per cent say they couldn't manage an unexpected vehicle repair or replacement.
So how are Ontario workers trying to bridge that gap? They're looking for new ways to earn money.
Nearly half of Ontarians surveyed say they have tried to earn additional income. Twenty-one per cent tried selling goods online, 13 per cent have learned new skills to improve future job prospects, and seven per cent have taken on freelance or contract work.
The MNP Consumer Debt Index measures Canadians' attitudes towards their consumer debt and gauges their ability to meet their financial obligations, endure unexpected expenses, and absorb interest rate fluctuations.
Ipsos surveyed 2,001 Canadian adults between September 1 and 8. The results are considered accurate to within +/- 2.7 percentage points, 19 times out of 20.
