PC Financial Survey shows how Canadian
shoppers can make their money work harder for them with the PC
Money Account.
TORONTO, April 28,
2022 /CNW/ - While debit usage in Canada clocks in at an impressive 29% of
purchases, nearly 90% of Canadians aren't using a debit card that
rewards them for these purchases. According to a new survey from PC
Financial* as many as 7 in 10 Canadians are not aware there are
accounts, like the PC Money Account, that will reward customers for
spending their own money. Meanwhile, a whopping 7 in 10 Canadians
(73%) believe people using non-rewards debit cards are missing out
on significant returns.
"With the cost of many items on the rise, people are
increasingly looking for ways to make their money go further," says
Barry Columb, President, PC
Financial. "Canadians are telling us that they want the option to
pay with their own money but aren't feeling rewarded by debit.
That's exactly why we launched the PC Money Account which is like
debit, only better since it gives customers PC Optimum points that
can help cover essentials like groceries, gas, cosmetics, and
clothes."
The Psychology Behind Spending with Debit
- The study investigated the reasons why Canadian shoppers prefer
to use specific payment methods.
- The top reason people prefer to use their debit card over other
forms of payment is to have control over their spending (33%).
"Having deliberate control over spending is one of the pillars
of financial well-being," says Dr. Moira
Somers, a Winnipeg-based
clinical neuropsychologist who focuses on financial psychology.
"But spending can be influenced by hidden factors outside of our
awareness, and this often results in overspending. One painless way
to maintain control is to use your own money in the form of cash or
an everyday spending account, just like the PC Money Account. It
causes the brain to pause and give purchases a second
thought."
Rewards Points are Motivating the Way People Pay
- Rewards are a major motivator for why Canadian shoppers choose
a payment method.
- 56 per cent of Canadians said earning rewards from their
payment card influences their decision to use the card.
- 3 out of 4 Canadians said they use a credit card with a rewards
offering, but only 1 in 10 Canadians use a debit card with a
rewards offering.
"I love the PC Money Account because it offers the best of
all worlds. It not only provides the safety and convenience
of having a bank account versus carrying cash, but it also rewards
users with PC Optimum points everywhere they shop. The PC Money
Account is a great option for people who want to make their money
work harder and earn rewards faster," Dr. Somers said.
Further key findings from the survey:
- Canadians could be savvier with their debit rewards
points: Only half the users of debit rewards cards feel
they are using their rewards well.
- Canadians see potential for rewards to support with
budgeting: 2 in 5 Canadians say a debit rewards card could help
them with budgeting.
- Rewards debit cards are still being utilized: 78 per
cent of people who use rewards debit cards use them weekly.
*About the Survey
These are the findings of a study/survey conducted by PC
Financial from April 11 – 14, 2022,
with a representative sample of n=1,555 online Canadians who are
members of the Angus Reid Forum. The survey was conducted in
English and French.
The precision of Angus Reid Forum online polls is measured using
a credibility interval. In this case, the poll is accurate to
within +/- 2.5 percentage points, 19 times out of 20, had all
Canadians been polled. All sample surveys and polls may be subject
to other sources of error, including, but not limited to coverage
error, and measurement error.
About the Angus Reid Forum
The Angus Reid Forum is Canada's most well-known and trusted online
public opinion community consisting of engaged residents across the
country who answer surveys on topical issues that matter to all
Canadians.
About President's Choice Financial
PC Financial® services provide unprecedented value to customers,
simplifying financial products to help Canadians Live Life Well®.
Through the PC Mastercard® and the PC Money™ Account, customers
avoid monthly banking fees and have earned more than $1 billion worth of PC Optimum points to redeem
for beauty, groceries, gas, apparel, and other products. The
company is committed to being one of Canada's most diverse and inclusive employers,
and makes it a priority to reflect this in its people and
culture.
Established in 1998, PC Financial® is a part of Loblaw Companies
Limited. For more information, visit pcfinancial.ca.
SOURCE Loblaw Companies Limited