Not long ago, the word “prosperity” might have conjured up an image of financial security. But new research shows Canadians’ perceptions of wealth are changing.
“Factors such as record inflation and the changing nature of work continue to reshape Canadian perspectives on our economy and individual prosperity,” says Sasha Krstic, president of Mastercard Canada. “Canadians’ vision of prosperity is evolving in tandem with global challenges and societal changes.”
Canadians are divided on their views on prosperity
New Mastercard research on Canadians’ economic prospects reveals polarized views on the country’s prosperity. Forty-one per cent of Canadians say we are prosperous as a nation, while 45 per cent say we are not.
But who you are affects this perception, Mastercard found. Women are less likely than men to say Canada is prosperous: 37 per cent, compared to 45 per cent. And less than half of young people and students, LGBTQ+ people and disabled Canadians say they feel personally thriving, compared to 60 per cent overall.
A new definition of prosperity
The way we define prosperity is also changing. “In the face of adversity, Canadians are embracing and reimagining ‘prosperity’ for themselves, their families and future generations,” says Krstic.
Mastercard discovered that prosperity is not just about money. While 46 percent say “financial stability/economic freedom” is an important factor influencing personal prosperity, other important factors have less fiscal focus. Forty-nine percent of respondents say health and well-being are most important, and 39 percent cite strong family and personal relationships.
Building a new path to economic (and general) well-being
For example, Mastercard knows that small businesses are the heart of Canada’s economy, which is why the company makes significant investments to support women and Indigenous entrepreneurs. In 2021, Mastercard launched the Global Intelligence and Cyber Center of Excellence, a Vancouver-based technology and innovation center focused on creating solutions in cybersecurity, artificial intelligence and other advanced technologies. Through the Center of Excellence, Mastercard partners with post-secondary institutions and non-profit organizations to cultivate Canada’s technology pipeline with diverse talent that would not otherwise have the opportunity to develop careers in STEM.
“At Mastercard we know that innovation and technology drive economic growth and can foster inclusion,” says Krstic. “The stakes of getting it right have never been higher. “Working together as leaders we can shape the future of the digital economy for the benefit of all Canadians.”
Survey methodology
The Mastercard survey was conducted in the first quarter of 2024. Response data is derived from a representative sample of the Canadian population (N = 1,000) that includes an oversample of small business owners (N = 200). The margin of error for nationally representative survey responses is ± 3% at a 95% confidence interval. Results shown are weighted using age and gender demographic indicators from the 2021 Canadian Census.