- 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%).
Scotiabank offers advice and
solutions to help clients enjoy today while planning for
tomorrow.
- 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 Scotiabank
Scotiabank'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