The COVID-19 pandemic has had some serious consequences for Canadians and their finances.
Here are some key results from a result survey by J.D. Power on the impact the crisis has had on people:
General Perceptions
- 1 in 4 Canadians (24%) are working fewer hours and 12% temporarily lost their jobs and still not working, while 11% did lose their job but now are working again;
- 6% are unable to afford enough food to eat nor to pay rent or mortgage;
- Nearly half (48%) of Canadians surveyed are somewhat hurt financially because of COVID19 while 28% said they were not affected financially at all; nearly third (32%) say their family income hasn’t changed due to COVID19;
- 41% say they will use contactless payment because of COVID19 and 38% will use online and mobile banking tools
Financial Health
- Nearly 1 in 4 (22%) are very stressed about their overall financial, while 25% are not stressed at all;
- 1 in 5 (20%) were unable to make the minimum credit card payment and 1 in 10 (11%) were unable to pay their mortgage since the Coronavirus outbreak;
- 37% say they have 3 or more months of their typical income in their savings account
Perceptions about primary bank
- 40% of Canadians rate their primary bank’s services as “good” during the pandemic with 29% rate it only as ‘OK’;
- 41% have a moderate amount of trust in their primary bank to take care of customers best interest during the pandemic, while 28% have a lot of trust in their financial service provider;
- 43% of respondents say their bank did not show any concern for customer’s personal financial situation during the pandemic;
- Majority of Canadians (74%) did not change their perception about their primary bank as a result of banks responses to the crisis; and
- Post COVID19 35% of bank customers don’t plan to change the way they interact with the bank while 27% plan fewer branch visits and do more online and mobile (25%) banking
