Nearly 40% of Canadians are worrying 16 hours a week about their finances, Scotiabank poll
TORONTO, Dec. 15, 2020 /CNW/ - Nearly 40% of Canadians are worrying more about their finances since COVID-19 began, spending an average of 16 hours a week worrying. Meanwhile, 28% of Canadians say that they do not spend any time worrying about their finances.
Millennials age 18-34 (45%) are worrying more about their financial health since the start of the COVID-19 pandemic. Women (42%) reported worrying more than men (35%) about their finances since the start of the pandemic, reinforcing Scotiabank Economics' commentary on the impact the recession has had on women.
"The pandemic has had a disproportionate financial impact on women and millennials, who were faced with job loss, reduced hours or having to leave work to devote more time to childcare," said D'Arcy McDonald, SVP, Deposits, Investments, & Payments at Scotiabank. "At Scotiabank, we're focused on providing our customers with the advice and support they need to navigate this uncertain time and are confident that even a simple conversation with an advisor can have a meaningful difference on our customers' peace of mind."
45% of millennials are worrying more about their finances now than before pandemic, a stark contrast to the 64% of Canadians age 55+ who said they are worrying less about their finances.
Canadians ages 55+ have been the least financially impacted by the pandemic. Nearly six-in-10 (58%) say they have not been impacted.
Canadians aged 55+ are the most likely to have worked with a financial advisor before the pandemic (39%), compared with 28% of 18-34-year-olds.
Younger Canadians are most likely to have received the Canada Emergency Response Benefit (CERB). Nearly one in four Canadians between the ages of 18 and 34 have received this financial benefit (24%) compared with 18% between the ages of 35-54 years and 9% of those aged 55+.
Almost two-thirds of Canadians who received CERB are concerned about the expiry of government relief programs and their ability to meet household expenses without them (64%).
Two thirds of Canadians who have received CERB are concerned about the effect this will have on their tax return (67%). Concern levels are higher among Canadians 18-34-year-old (72%) compared with just 49% of those ages 55+.
Scotiabank's Top Tips to Manage Financial Worry
Scotiabank Can Help
For customers concerned about navigating their financial plans, Scotiabank recently launched Advice+, a new service that offers customers a range of options to seek financial advice during these challenging times. Advice+ offers a new online hub called the ScotiaAdvice Centre, which provides a comprehensive self-help approach to financial planning and the option to book an in-person appointment with a Scotiabank financial advisor for more personalized, tailored advice.
Methodology: The 2020 Scotiabank Financial Worry poll was conducted on behalf of Scotiabank by Maru Blue from November 20 – 22, 2020. The online survey captured the opinions of 1,510 Canadians across the country and results of this study are weighted by education, age, gender and region (and in Quebec, language) to match the population, according to 2016 Census data.
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