Canada NewsWire
- Paying for day-to-day expenses remains top financial priority for Canadians.
- Younger Canadians lead the way when it comes to seeking out financial advice.
- Nearly a quarter of Canadians (23%) expect their personal finance situation to be stronger in the next six months.
TORONTO , Feb. 13, 2024 /CNW/ - Scotiabank's fifth annual Worry Poll reveals mixed views on how Canadians feel about their finances. Fewer Canadians spent time worrying about their finances, while those who did spent more hours on average (17.7H) than the previous year, and were most concerned about paying for day-to-day expenses (50%), paying down debt (40%), and saving for an emergency fund (40%).
Amidst cooling inflation, more than half of Canadians (60%) are also seeking advice from their financial institution, with the majority requesting long-term investment and retirement advice.
Overall, nearly a quarter of Canadians (23%) expect their personal finance situation to strengthen in the next six months.
"Canadians have shown resilience in the face of the rising cost of living, inflation, and uncertainty in the markets with many prioritizing their day-to-day expenses while seeking advice on how to balance their long-term savings and investment goals," said Kingsley Chak, Senior Vice President – Deposits, Savings & Investments at Scotiabank. "Despite the cautious optimism we are starting to see emerge in a small percentage of Canadians, we know for the majority the reality of today is causing significant financial stress, so we're encouraged to see Canadians take proactive steps to seek advice."
Gen Z leading the way: Gen Z are undertaking more cost-saving activities in the past year to help improve their financial situation.
- More than two-in-five are shopping at multiple grocery stores (42% vs. 31% for Boomers+) and redeem loyalty points (43% vs. 23% for Boomers+).
- When it comes to younger generations, Gen Z (80%) and Millennials (70%) are turning to their financial institution for a multitude of financial needs, including investment advice, financial management and paying for tuition.
- A quarter of Gen Z (26%) and Millennial (27%) Canadians have extra money to invest, and another one-in-five still have an eye on saving contributions, regardless of their debt situation (Gen Z: 21%; Millennials: 22%).
- Despite their current economic situation, Gen Z (50%) are four times more likely than Boomers (12%) to believe their financial situation will improve in the next six months.
"We're encouraged by the forward-looking optimism of Canadians, especially younger generations, who are proactively seeking advice to support their day-to-day needs and longer-term financial ambitions" added Chak. "With investment advice the top financial ask across generations, Scotiabank has a team of advisors ready to support life's financial milestones with digital platforms such as Scotia Smart Investor via Advice+ and Scotia Smart Money by Advice+ to empower clients to set, track, and change their goals as life evolves."
Geographic Breakdown:Despite the optimistic outlook for the future, Canadians are still feeling the financial pressures.
- A quarter of Canadians (24%) confirm their financial situation causes them a significant amount of stress. This degree of worry however differs by region.
- Ontarians (35%) are losing the most sleep over their finances likely due to their high cost of living, followed by Atlantic Canada (27%) and Manitoba / Saskatchewan (26%).
- While still in line with the national average, British Columbia is worrying slightly less than their counterparts (23%), with Quebec feeling the least stressed over their finances (14%).
- Scotia Advice+ offers various tools and services to help Canadians invest in their future with real advice made just for them. Whether you have a solid understanding of financial basics, or are starting out on your financial journey, Canadians are encouraged to meet with an Advisor to help take control of their financial future.
- Scotia Smart Investor via Advice+: Whether you're planning for a short-term goal like a vacation, or saving for a long-term goal like retirement, Scotia Smart Investor enables you to set and track as many goals as you like and offers tailored investment advice to help you reach your goals within the timelines you set.
- Scotia Smart Money by Advice+: To help build and manage your budget effectively, Scotia Smart Money provides a set of money management features in the Scotiabank mobile app offering personalized insights, advice, and more control over your money.
- The Scene+ loyalty program showcases the power of making every dollar go further for Canadians. From grocery to travel, to shopping and home improvement essentials, clients can earn on every transaction with one of Scotiabank's award-winning Scene+ debit and credit cards.
Methodology: From November 6th to 7th 2023 an online survey of 1,520 randomly selected Canadian adults who are Maru Voice Canada panelists was conducted by Maru/Blue on behalf of Scotiabank. The overall data is weighted by age, gender, and region to be representative of the Canadian adult population. Discrepancies in or between totals are due to rounding. A probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20.
About ScotiabankScotiabank's vision is to be our clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at October 31, 2023 ), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.
SOURCE Scotiabank
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