Are Canadian Individuals & Businesses Financially Optimistic in 2022?4 min readReading Time: 4 minutes
In 2021, we have looked at the ways in which Canadian property managers, home builders, commercial business operators and more have adapted during the pandemic. The common thread? The pandemic has had an unprecedented impact on how Canadian individuals and businesses are planning for the future. Read on to find out more about how the pandemic continues to shape how Canadians feel about their financial futures this year, and whether or not they are financially optimistic in 2022.
How Has the Pandemic Affected the Canadian Economy?
The influence of the pandemic and the resulting health and safety measures lead to major changes in the Canadian economy. The following are just some of the ways that the pandemic has made an impact:
- Parts of Canada endured some of the longest lockdowns in the world. This resulted in lost revenues, permanent business closures and job losses.
- It was estimated that more than 225,000 businesses would shut down in Canada due to the pandemic.
- By March of 2020, 44% of Canadian households experienced some kind of job loss whether that be lost income or layoffs. Canada’s unemployment rate rose to levels not seen since 1976 at 13.5%.
- The economic effects of the COVID-19 pandemic lead to a recession in Canada starting in early 2020.
- Canadians have dipped into their savings and accrued debt as a result of the pandemic’s effects.
Have These Hardships Changed Canadians’ Financial Goals?
In light of these difficulties and losses, Canadians are reassessing their financial goals. And despite all the uncertainty of the past two years, these goals provide an insight into an optimistic sentiment that seems to be shared among many Canadians.
In a CIBC survey, 73% of participants indicated that their financial and life ambitions remain unchanged despite the effects of the pandemic. A quarter of participants even said they felt inspired to outline their “bucket list” items and other personal goals. Some of the participants’ long-term financial goals include travelling and becoming debt-free.
Notable short-term financial goals include building emergency savings, tackling home renovation projects and saving up for future expenses. Some of the major challenges they foresee interrupting these goals include inflation, the rising costs of goods and services and slow economic growth and recovery.
Canadian Businesses Share This Feeling of Cautious Optimism About the Future
Canada’s major lockdowns ended in 2021. Since then, the future has been looking brighter for businesses across the country. Shopping and retail activity has picked up again, especially in the e-commerce space. As a result, retailers are feeling confident; in a Bank of Canada report, 83% of businesses indicated that they expect their sales to increase or remain the same this year. Canadian businesses in hospitality-related industries were the most optimistic about their revenue growth. Overall, the findings in this report suggest that these sectors of the economy could return to pre-pandemic levels this year.
Cost Certainty and Consistent Operations Is Key for Businesses Going Forward
Just as with individuals, the pandemic has undeniably affected how Canadian businesses are progressing towards their financial goals. After taking on loans, drawing from savings and taking other measures to stay afloat, many Canadian businesses are still navigating how to recoup their losses, re-establish cost certainty and invest in their businesses once again.
We are still navigating the pandemic, lingering supply chain issues and other challenges unique to different industries in 2022. There is bound to be more uncertainty for business owners along the way, but the cost, performance and maintenance of your mechanical equipment should not be one of them.
Tackle Uncertainty With a Dedicated Mechanical Equipment Partner
Reliance Commercial SolutionsTM helps Canadian businesses find peace of mind, avoid downtime and establish more cost certainty when it comes to their HVAC, water heater, water purification, indoor air quality and smart home equipment. As you work on running your business and getting back on track in 2022, we can help ensure that your mechanical equipment is operating at peak performance. Overall, we can help Canadian businesses:
- Take advantage of buyback opportunities: Exclusive to Reliance, the Buyback Program is a way for business owners who currently own their mechanical equipment to have Reliance purchase and maintain it. They can then reinvest this extra capital wherever they see fit.
- Establish greater cost-certainty: One monthly payment includes the costs of most maintenance, service and repairs* — helping you avoid the unexpected costs that can come with equipment malfunction or failure.
- Reduce unwanted equipment downtime: On-site service response time within four hours.
- Find energy-efficient equipment solutions: Get access to best-in-class equipment that could help reduce your carbon footprint and cut down on energy costs.
- Get the customer support they need 24/7/365.
*Rental benefits including service response time, included repair and replacement costs and buyback are subject to rental program terms and conditions. Standard installation at no charge. Some additional charges may apply in certain cases (e.g. code-required venting).