Consumer confidence in Canada is rising faster than in the U.S., according to a new Harris/Decima survey.
In February, it hit its the highest level since August 2008. More Canadians appear to see an end to the economic turmoil as 27% of Canadians surveyed said they'd be doing better financially a year from now. That percentage is up from 20% in December. The number of Canadians who said they'd be worse off fell to 13% from 18% in December.
According to the survey, more Canadians were also more amenable to making a major purchase now: 41% compared with 35% back in December.
A Sun Life Financial survey also found that Canadian workers felt more confident than Americans about their retirement. More than a third of survey respondents said they were confident about their ability to pay for health costs during retirement compared with only 23% of Americans.
The survey also found that Canadians with a financial adviser were more optimistic about their retirement planning than those without.
Despite the optimism, the economic downturn is having an impact on Canadians' retirement savings. Almost a third of those surveyed felt they were not saving enough for retirement and almost 10% said they have dipped into their retirement savings in recent months due to the economy.