- 65% of Canadians with debt struggle to save or invest money
while paying down debt
- 67% of Canadians said they find the amount of information about
investing overwhelming
- Households with an average income of $50,000 worry twice as much (2.25 hours) a day
than households with an average income of more than $100,000
TORONTO, Jan. 14, 2020 /CNW/ - Recent polls commissioned
by Scotiabank revealed that Canadians spend on average of 2 hours a
day worrying about their finances. Canadians age 18-35 worry the
most about their finances, at 2.4 hours a day, while those aged 55+
worry an average of 1.4 hours a day.
"Many Canadians are feeling rudderless when it comes to managing
their finances, as they try to balance savings and spending, while
paying down debt," said D'Arcy
McDonald, SVP, Retail Deposits, Investments, and Payments
for Scotiabank. "They're increasingly seeking trusted sources of
advice and support to make sense of the overwhelming amount of
information available to them."
Key Poll Findings:
- Information Overload: On average, 67% of Canadians said
they find the amount of information about investing overwhelming,
increasing to 75% among millennials.
- Competing Priorities: 65% of Canadians with debt said
they find it challenging to save, invest and pay down their debt.
This increases to 71% among the 18-34 age group – significantly
higher than those age 55+ at 56%.
- The Income Divide: Canadians with lower household
incomes are also worrying about their finances more often than
those households with higher incomes. Households making under
$50,000 are worrying an average of
2.25 hours a day. Households making between $50,000 to $99,000
are worrying an average of 1.85 hours a day. Households making
$100,000 and above spend, on average
of just over an hour a day worrying about their finances.
"The survey data suggests that a third of Canadians face
some degree of financial stage fright from all the overwhelming
options for saving and investing their money," continued Mr.
McDonald. "Canadians can spark change and energize their finances
starting with a few simple steps, like meeting with an advisor and
creating a weekly budget."
Regional and Demographic Highlights:
- Residents in the Atlantic region spend the most time amongst
all Canadians worrying about their finances (3.4 hours per
day);
- Albertans worry about their finances an average of 2.7 hours a
day, while those in Saskatchewan
and Manitoba worry an average of
2.4 hours a day;
- Quebec residents spend the
least time worrying about their finances – an average of 5 hours
per week – with 38% of them worrying about their finances for just
one hour per week;
- On average, Canadians 18-34 spend 2.4 hours a day worrying
about their finances, followed by those age 35-54 at 2 hours a day,
and age 55+ at 1.4 hours a day;
- Canadians making less than $50,000 annually spend twice as much time (2.25
hours a day) as those making more than $100,000 (1 hour a day) worrying about their
finances.
Methodology:
The Financial Worry poll was commissioned by Scotiabank and
conducted by Maru Blue on
September 20, 2019. The online survey
captured the opinions of 1,520 Canadians across the country.
The Scotiabank 2019 Investment Poll was conducted in
January 2019 by Nielsen Consumer
Insights between January 25 and February 3,
2019. A total of 1,012 completed surveys were collected from
a random sample of panel members across Canada.
About Scotiabank
Scotiabank is a leading bank in the Americas. We are here
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 more than 100,000
employees and assets of over $1 trillion (as at October 31, 2019),
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.
SOURCE Scotiabank