TORONTO, March 31, 2021 /CNW/ - An overwhelming majority
of Canadians (98%) say their self-care habits are here to stay in a
post-pandemic world, according to a Scotiabank Survey. Most
Canadians (79%) are partaking in at least one self-care activity
since the pandemic began and nearly 60% of those are spending an
average of $282 on self-care in the
past 12 months.
The Scotiabank self-care survey asked Canadians about their
sentiment toward their financial, mental, and physical well-being
over the past twelve months, and the self-care activities that
support their overall well-being.
Canadians 18-34 years of age significantly outspend others for
self-care activities ($395), compared
with $255 among 35-54-year-olds, and
$220 among those ages 55+. Over
three-quarters (79%) of Canadians partook in at least one self-care
activity during the pandemic. The most popular activities were
baking and cooking (50%), home workouts (41%), and online shopping
(34%).
While spending on self-care has helped Canadians manage their
overall well-being throughout the pandemic, when it comes to their
financial well-being, Canadians are also feeling optimistic. More
than two-thirds of Canadians (68%) feel good about their financial
health over the past 12 months; however, one-in-three (32%)
Canadians rate their financial health this past year as fair or
poor.
While millennials indicated they spend nearly twice as much on
self-care activities than those 55+, they also spend more time
worrying about their finances.
Regionally, Quebecers (77%) feel the best about their financial
health over the past 12 months, compared with 64% of Ontarians and
62% of Albertans. The average spend on self-care activities
is highest in Alberta ($367) and lowest in the Atlantic provinces
($176).
"Spending on things that improve your self-care has been an
essential coping strategy since the pandemic began, but it's
important Canadians look after their financial well-being in
addition to their physical and mental wellness," said D'Arcy McDonald, Senior Vice President,
Deposits, Investments & Payments at Scotiabank. "This past year
many Canadians have been able to increase their savings but as we
see lockdown restrictions ease and spending increase once again, we
want Canadians to keep up with the strong money habits they
developed during lockdown."
Scotiabank Financial Self-Care Checklist
- Automate and Save
The past year has reinforced
the importance of savings. 79% of respondents to the 2020
Scotiabank Money Readiness Poll said they are being more
cautious with their spending and 61% of them said they are setting
money aside for an emergency. A healthy financial buffer can help
reduce stress by being prepared for unexpected expense. As the
world starts to reopen, maintain good habits by automating monthly
savings deposits from each paycheck and ensure your savings are
growing in a high-interest account or GIC.
- Invest in yourself
Have all the headlines
about the market piqued your interest in investing? Check your bank
account features and take advantage of free trades. Scotiabank's
Ultimate Package for example offers customers 10 free equity trades
at Scotia ITRADE ® in their first year, and five free equity
trades every year after.*
- Spend Smart and Reward Yourself
Before you
order takeout, buy a new shirt, or pick-up your next coffee to-go,
ask yourself if your bank account is helping you make the most of
your everyday spending. Does your account give you benefits and
features, help you minimize account fees or offer you the ability
to earn and redeem points like Scotia Rewards®?
Methodology: From February
22nd to February
23rd, 2021 an online survey of 1,511 randomly
selected Canadian adults who are Maru Voice
Canada panelists was conducted on behalf of Scotiabank by
Maru/Blue. The results of this study have been weighted by
education, age, gender and region (and in Quebec, language) to match the population,
according to Census data. This is to ensure the sample is
representative of the entire adult population of Canada.
Discrepancies in or between totals are due to rounding.
About Scotiabank
Scotiabank is a leading bank in the
Americas. Guided by our purpose: "for every future", we help our
customers, 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 a team of approximately 90,000 employees and assets of
approximately $1.2 trillion (as at
January 31, 2021), 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 Twitter
@ScotiabankViews.
* Account
holders who have a Scotia iTRADE account (except for corporate and
non-personal Scotia iTRADE accounts) qualify to be credited with
the commissions associated with their first 10 online
commissionable trades of equities, options, debentures ($24.99 per
debenture trade) or ETFs ("Eligible Securities") placed across all
account holder(s)' Scotia iTRADE accounts within the calendar year
when they open the Ultimate Package account. In the second calendar
year and thereafter, account holders qualify to be credited with
the commissions associated with their first 5 online commissionable
trades of Eligible Securities placed across all their Scotia iTRADE
accounts during each year. Both the Ultimate Package account and
Scotia iTRADE accounts must be in good standing on the last day of
every month. Credits will be applied to the account holder's
non-registered Scotia iTRADE account, and, in its absence, to the
account holder's registered Scotia iTRADE account in CAD currency
(converted from USD to CAD for trades executed in USD, using the
applicable foreign exchange rate) within the first 10 business days
of the month following the trades. To be eligible, the primary or
joint account holder of the Ultimate Package account can be either
the primary or joint account holder of the Scotia iTRADE account.
Credits will appear as $4.99 or $9.99 per trade depending on the
account trading activity: standard commissions are $9.99, if more
than 150 trades are placed per quarter commissions are valued at
$4.99 per trade, debenture commissions are valued at $24.99 per
trade. Trades executed by a Trading Authority in the Scotia iTRADE
account are also eligible. To qualify for you must not be in a
disallowed debit position in your Scotia iTRADE accounts and not
have any outstanding margin calls due in your Scotia iTRADE
accounts. No cash redemption value. Free trades are limited to one
per client. Only one account holder per each joint Ultimate Package
account will be entitled to receive the credits for 10 or 5 free
trades, as applicable, into their Scotia iTRADE account.
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SOURCE Scotiabank