A new survey indicates 75 per cent of Canadians reported they were spending less than pre-COVID-19.
The survey, released on Wednesday by Payments Canada, said a key driver for this decrease in spending is likely the impact the pandemic has had on Canadians’ personal finances.
Nearly half (44 per cent) reported a decrease in income, and 51 per cent said the pandemic had a negative impact on their retirement savings or other investments. Additionally, 26 per cent of Canadians indicated there had been a negative impact on their ability to pay bills on time.
“The COVID-19 pandemic has highlighted the convenience of everything digital, from video conferencing, on-demand entertainment, to digital payments,” said Tracey Black, President and CEO of Payments Canada, in a news release. “Cash and cheque payments have declined dramatically, having been replaced with contactless payments and other types of electronic payments. While we have seen a continued shift towards digital payments over a number of years in Canada, there’s no doubt that the prevailing pandemic has accelerated this shift – and will likely act as a catalyst in transforming the Canadian payment landscape forever.”
