Canadians keeping finances in mind, but out of conversation
Among all respondents, just over half (53%) say they’ve prioritized emergency saving since the start of the COVID-19 pandemic. Almost six tenths (58%) said they’re putting extra money they’re not spending while in lockdown into their savings accounts, while more than a third (38%) said they’re adding to their investments.
Focusing on Canadians who have found themselves saving more money, 61% said they’re using the extra cash to build an emergency fund, 34% are investing the extra cash, 29% are putting it toward debt payments, and 26% are setting it aside for a big purchase.
Scotiabank also found that as Canadians change their money habits, they’re also feeling more equipped against pandemic uncertainty. The percentage of Canadians who reported feeling financially prepared to manage through the pandemic has risen from 35% six months ago to nearly 41% today.
While Scotia’s survey draws a picture of Canadian confidence and optimism, another poll conducted by TD suggests many are just keeping a stiff upper lip.
Among those surveyed by TD, 46% said their household financial situation was negatively impacted by COVID-19. Despite that hardship, a third of respondents (34%) expressed discomfort at the idea of discussing their finances.