Not way back, the phrase “prosperity” might need evoked a picture of economic safety. However new analysis reveals Canadians’ perceptions of wealth are altering.
“Elements resembling record-high inflation and the shifting nature of labor proceed to reshape Canadian views on our economic system and particular person prosperity,” says Sasha Krstic, President of Mastercard Canada. “Canadians’ view of prosperity is evolving in tandem with world challenges and societal shifts.”
Canadians Break up on Views of Prosperity
New analysis from Mastercard on Canadians’ financial outlooks reveals polarized views of the nation’s prosperity. Forty-one per cent of Canadians say we’re affluent as a nation, whereas 45 per cent say we’re not.
However who you might be impacts this notion, Mastercard discovered. Girls are much less probably than males to say Canada is prosperous-37 per cent, in comparison with 45 per cent. And fewer than half of youth and college students, LGBTQ+ people and disabled Canadians report feeling personally affluent, in comparison with 60 per cent general.
A New Definition of Prosperity
How we outline prosperity is altering, too. “Within the face of adversity, Canadians are adopting and reimagining ‘prosperity’ for themselves, their households and for future generations,” Krstic says.
Prosperity isn’t nearly cash, Mastercard discovered. Whereas 46 per cent say “monetary stability/financial freedom” is a high issue influencing private prosperity, different necessary elements are much less fiscally centered. Forty-nine per cent of respondents say well being and well-being are most necessary and 39 per cent point out robust household and private relationships.
Carving out a brand new path to financial—and general—wellbeing
For instance, Mastercard is aware of small companies are the heartbeat of Canada’s economic system, so the corporate makes important investments to help ladies and Indigenous entrepreneurs. In 2021, Mastercard launched the International Intelligence and Cyber Centre of Excellence, a Vancouver-based expertise and innovation hub centered on creating options in cybersecurity, AI and different superior applied sciences. By way of the Centre of Excellence, Mastercard companions with post-secondary establishments and non-profits to domesticate Canada’s tech pipeline with various expertise who may not in any other case have the chance to construct careers in STEM.
“At Mastercard, we all know innovation and expertise drive financial development and might foster inclusivity,” Krstic says. “The stakes to get it proper have by no means been larger. By working collectively as leaders we will form the way forward for the digital economic system for the advantage of all Canadians.”
Survey methodology
The Mastercard survey was fielded within the first quarter of 2024. Response information are derived from a consultant pattern of the Canadian inhabitants (N = 1,000) that features an oversample of small enterprise house owners (N= 200). The margin of error for commensurate nationally consultant survey responses is ± 3% on the 95% confidence interval. Outcomes proven are weighted utilizing age and gender demographic indicators from the 2021 Canadian Census.
