Canadians will maintain pandemic money-spending habits, survey says
The new survey from Scotiabank shows that nearly two out of three Canadians say they do not plan to return to their pre-pandemic spending habits, while half say they plan to cut back.
Canadians will spend cautiously in the months ahead and maintain their pandemic money habits as the economy re-opens, according to the latest Scotiabank Money Habits Survey.
According to the survey of over 1,500 Canadians, nearly two out of three Canadians (63%) say they do not plan to return to their pre-pandemic spending habits, while half (53%) say they plan to cut back.
“As opportunities to spend on pre-pandemic activities increase with the return to more ‘normal’ ways of life, 55% of Canadians are expecting their ability to save money will decrease,” Scotiabank said in an Oct. 28 news release. “As such, almost half of Canadians (42%) are feeling anxious about their personal finances, with most of those respondents (84%) feeling the same or more anxious today than they did at the start of the pandemic.”
Scotiabank also found that most Canadians (81%) are worried about the increased cost of living and how that impacts their finances.
“Earlier this year we saw Canadians curb their spending, keep a closer watch on their finances, and refine some of their money habits because of the pandemic,” said D’Arcy McDonald, senior vice president of day-to-day banking at Scotiabank. “Six months later, now with fewer restrictions and the economy beginning to reopen, Canadians are keen on keeping up with the positive habits they developed.”
While there are no significant differences between urban and rural areas, Scotiabank said, Canadians in the Greater Toronto Area are the most anxious about their personal financial situation (50%) compared to people in Vancouver (40%) and in Montreal (33%).
“Among those feeling anxious towards their finances, residents of Alberta (39%), Ontario (40%), and the Atlantic provinces (39%) are significantly more anxious than residents of Quebec (24%),” Scotiabank said.
The survey also found that younger Canadians between the ages of 18-34 were most anxious about their personal finances (51%) while those in the 55+ age group were least anxious (31%). Only 31% of respondents who were 55+ indicated feeling anxious about their finances.