Savings and mindful spending are here to
stay
TORONTO, May 5, 2021 /CNW/ - While Canadians continue
living through some forms of restrictions due to COVID-19, many are
looking ahead to life after the pandemic. According to a recent
Scotiabank survey, the top three things Canadians are looking
forward to the most after the pandemic include attending large
gatherings with family and friends, travelling by air outside of
Canada and enjoying a meal at a restaurant with friends.
While Canadians are looking forward to doing the things they
haven't been able to do in a long time, when it comes to their
finances, they're not planning on returning to their pre-pandemic
spending patterns. Many Canadians developed positive money
habits over the course of the pandemic, with reduced spending in
key areas and increased savings - and they plan to continue these
habits after the pandemic. More than a third (36%) of Canadians
plan to continue eliminating unnecessary or discretionary spending,
34% plan to continue doing more research before making purchases,
more than a quarter (28%) plan to keep building up their emergency
savings, and 28% plan to continue with a monthly budget.
"We're seeing a record number of deposits in Canadians' bank
accounts which presents a huge opportunity, especially for the
sectors hit hardest by the pandemic, like travel and hospitality,"
said D'Arcy McDonald, SVP, Deposits,
Investments, & Payments at Scotiabank. "The Scotiabank survey
highlights Canadians' eagerness to spend on what they've missed out
on for more than a year – travel, restaurant dining, attending
social events - but we're encouraged that so many plan on carrying
the strong money habits they've developed in the future."
Almost half of Canadians (46%) say they have been able to save
more money during the pandemic than in a typical year and 47% think
they will still be able to maintain the same level of saving after
life returns to a more normal state after the pandemic. Twenty-five
percent don't think they'll be able to manage the same level of
saving.
"As Canadians wait for the country to re-open, now is the time
to review their finances to ensure they can maintain good financial
health after the pandemic," added McDonald. "Review your budget,
save where you can, and where you do need to spend, continue
leveraging your debit and credit cards to earn points that you can
put towards your future travel or entertainment plans."
Activities Canadians are looking forward to the most, after
the pandemic
Scotiabank Pro Tips
- Choose the right bank account for your
lifestyle. When it comes to banking, Canadians rate online
bill payment options, low or no fees for everyday banking, and free
online and mobile banking as the most valuable features during the
pandemic. Review your current bank account and ask yourself some
important questions. Are you overpaying in fees? Does your account
offer unlimited debit transactions, no-fee international money
transfers and an annual fee credit card waiver? Are you taking
advantage of all the benefits and features? If not, ensure you get
a bank account that delivers on everything you need for your
current lifestyle. The Ultimate Package from Scotiabank for example
offers all of these benefits as well as additional
perks.*
- Put your savings to work. The pandemic has taught
us the importance of having an emergency fund. More than a quarter
of Canadians plan to keep building up their emergency savings
post-pandemic, but make sure those savings are earning more money
in a high-interest savings account with a competitive interest
rate. With Scotiabank's MomentumPLUS Savings
Account, account holders earn regular interest, premium period
interest, and Ultimate Package account holders earn an additional
annual interest.
- Earn while you spend. More than half of Canadians (54%)
are using their credit cards for payment most frequently during the
pandemic, followed by their debit cards (31%). The next time you
reach for your wallet, ensure you choose the right debit or credit
card that earns you the most rewards on your purchases.
ScotiaRewards® is one of the most flexible rewards and
loyalty programs in Canada,
anchored by the largest entertainment loyalty program in the
country, SCENE. Scotiabank customers can earn ScotiaRewards
using their credit or debit cards. When you're ready for travel,
you can use your ScotiaRewards points to book flights,
hotels, cruises, car rentals, tours and more. You can also
choose to book a trip with any travel provider and use your points
towards your trip costs.
- Get the right financial advice. To help Canadians
with their financial needs, Scotiabank designed the Scotia Advice+
Centre, an online hub that provides financial resources
including a comprehensive self-help approach to financial planning,
with the option to book an in-person appointment with a Scotia
advisor for more personalized, tailored advice.
Methodology: From April 16 to
April 18, 2021, an online survey of 1,517 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.
*Conditions apply. Visit www.scotiabank.com/ultimate300
SOURCE Scotiabank