In terms of their finances, while Canadians look forward to doing the things they haven’t been able to do in a long time, they have no plans to return to their pre-pandemic spending patterns. Many Canadians developed positively Money habits as the pandemic progresses, with lower spending in key areas and higher savings – and they plan to continue these habits after the pandemic. More than a third (36%) of Canadians plan to further eliminate unnecessary or discretionary spending, 34% plan to do further research before buying, more than a quarter (28%) plan to expand their emergency savings further, and 28% plan to do more to proceed with a monthly budget.
“We are seeing a record number of deposits into Canadians’ bank accounts, which is a great opportunity, especially for sectors hardest hit by the pandemic such as travel and hospitality,” he said D’Arcy McDonald, SVP, deposits, investments and payments at Scotiabank. “The Scotiabank survey underscores Canadians’ willingness to spend on what they’ve missed in more than a year – travel, diner, attending social events – but we’re encouraged that so many are planning on breaking the strong money habits to wear that they have. ” have evolved in the future. ”
Almost half of Canadians (46%) say they can save more money during the pandemic than they would in a typical year, and 47% believe they can still maintain the same level of savings after life has returned to a more normal state Pandemic. 25 percent do not believe that they can achieve the same level of savings.
“As Canadians wait for the country to reopen, now is the time to review their finances to ensure they can maintain good financial health after the pandemic,” added McDonald. “Check your budget, save where you can and where you have to spend, and keep using your debit and credit cards to collect points that you can use on your future travel or entertainment plans.”
Activities Canadians are happiest 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 daily banking, and free online and mobile banking as the most valuable features during the pandemic. Check your current bank account and ask yourself some important questions. Are you overpaying the fees? Does your account offer unlimited direct debit transactions, free international money transfers, and an annual credit card waiver? Do you use all the advantages and functions? If not, make sure you have a bank account that has everything you need for your current lifestyle. The Ultimate package from Scotiabank, for example, offers all of these benefits as well as additional perks. *
- Implement your savings. The pandemic taught us the importance of having an emergency fund. More than a quarter of Canadians plan to keep building their emergency savings after the pandemic, but make sure those savings make more money in a high-yield savings account with a competitive interest rate. With the Scotiabank MomentumPLUS savings accountAccount holders receive Regular Interest, Periodic Premium Interest, and Ultimate Package Account Holders receive additional annual interest.
- Earn while you spend. More than half of Canadians (54%) used their credit cards most often to pay during the pandemic, followed by their debit cards (31%). The next time you reach for your wallet, make sure you pick the correct debit or credit card that will make the most money Rewards for your purchases. ScotiaRewards® is one of the most flexible rewards and loyalty programs in Canada, anchored by the nation’s largest entertainment loyalty program, SCENE. Scotiabank customers can earn ScotiaRewards using their credit or debit cards. When you’re ready to travel, your ScotiaRewards points can be used to book flights, hotels, cruises, rental cars, tours and more. You can also book a trip with any travel agent and use your points towards your travel expenses.
- Get the right financial advice. To help Canadians with their financial needs, Scotiabank designed the Scotia Advice + Center Online hub This provides financial resources, including a comprehensive self-help approach to financial planning, with the option to schedule a face-to-face appointment with a Scotia consultant for more personalized, tailored advice.
Methodology: From April 16-18, 2021, an online survey of 1,517 randomly selected Canadian adults Maru Voice Canada The panelists were chaired by Maru / Blue on behalf of Scotiabank. The results of this study were weighted by education, age, gender and region (and in) Quebec, Language) to correspond to the population according to the data of the census. This is to ensure that the sample is representative of the entire adult population of Canada. Deviations in or between totals are due to rounding.
About the Scotiabank
Scotiabank is a leading bank in America. Guided by our goal: “For every future”, we help our clients, their families and their communities succeed through a wide range of advice, products and services, including private and commercial banking, wealth management and private banking, corporate and investment banking achieve and capital markets. With a team of approximately 90,000 employees and assets of approximately $ 1.2 trillion (as of 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
For further information: Carina Ruas, [email protected]
