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Most North Shore readers are worried about a recession

Tanking investments and the rising costs of living have most local residents in a pessimistic mood
money
Most North Shore readers are worried about a possible recession. They aren't alone. | File photo

As financial storm clouds gather and costs of everything from mortgage payments to groceries to cars remain stubbornly high, the majority of North Shore readers say they're worried about a possible recession.

Many economists appear to share that concern, with widespread financial bad news predicted to get worse before it gets better.

In the midst of this, the North Shore News polled 2,757 North Shore News readers and asked the question: Are you worried about a possible recession?

Of those who responded, over 33 per cent of local readers said investments they count on for retirement income are losing value, and that's a significant worry.

Another 33 per cent said they're struggling with the rising costs of living, and rising interest rates contributing to greater costs of debt. A further seven per cent said they work in a field that's very susceptible to economic downturns.

Perhaps surprisingly, about 17 per cent of local respondents said they don't expect a recession to impact them personally, while nine per cent of local readers said they're hoping a recession will provide a silver lining in the form of reduced housing prices.

The poll ran from Sept. 29 to Oct. 25, 2022. Of the 2,757 votes, we can determine that 978 are from within the community. The full results are as follows:

Yes. I work or am involved in a field that is very susceptible to economic downturns. 7.26 % local, 8.34 % total    
Yes. My investments that I count on for retirement are tanking. 33.64 % local, 30.58 % total    
Yes. I'm struggling with rising costs of living and rising interest rates and more bad financial news is worrying. 32.62 % local, 32.93 % total    
No. I don't expect a recession to impact me or my family to a significant degree. 17.38 % local, 17.16 % total    
No. I'm hoping a downturn will actually help bring down prices in the housing market. 9.10 % local, 10.99 % total    
  Local   Total

Results are based on an online study of adult North Shore News readers that are located in North Shore. The margin of error - which measures sample variability - is +/- 1.85 per cent, 19 times out of 20.

North Shore News uses a variety of techniques to capture data, detect and prevent fraudulent votes, detect and prevent robots, and filter out non-local and duplicate votes.

jseyd@nsnews.com
twitter.com/JaneSeyd

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