Over 1 In 5 Canadians Fear Losing Their Job Within 12 Months

More than one in five Canadians fear they could lose their job within the next year, according to the Bank of Canada's Q1 2025 Consumer Outlook Survey. This marks a significant rise in job insecurity, with 20.7% of respondents expressing concern about potential unemployment. This figure represents a 5.3 percentage point increase from the previous quarter and a 9.9 point jump from the same period last year.

This level of job anxiety is unprecedented in Canada, surpassing the previous record of 18.2% set during the second quarter of 2020, amid the early stages of the COVID-19 pandemic. The current surge in job loss fears is attributed to economic uncertainties, including a dual-front trade war that is impacting consumer confidence.

Interestingly, the survey also reveals that 20.2% of Canadians plan to voluntarily leave their jobs within the next 12 months. This suggests a complex economic landscape where some individuals feel confident enough to seek new opportunities, while others are apprehensive about job stability.

The simultaneous rise in both job loss fears and voluntary job departure plans indicates a divided sentiment among Canadian workers. While some are optimistic about finding better employment, others are bracing for potential layoffs. This duality underscores the unpredictable nature of the current job market.

The Bank of Canada's findings highlight the need for policymakers and employers to address the growing concerns about job security. As economic conditions continue to evolve, understanding and mitigating these fears will be crucial in maintaining workforce stability.

Overall, the survey paints a picture of a Canadian workforce grappling with uncertainty. With a significant portion of the population either fearing job loss or contemplating career changes, the coming months will be critical in shaping the country's employment landscape.