We’re back with part three of our results from our second ever annual Personal Finance Sentiment Survey to help us discover more about how Canadian’s budget their money in 2021. At Marble, it’s so important for us to create a community for Canadians where they feel they can improve their finances without worry, stress or judgement. This survey helps us to develop and define the right solutions to help Canadians improve their finances. If you want to learn more about how Canadians are budgeting, keep reading.
We will be releasing five infographics highlighting your thoughts and comparing the results to last year. We will cover areas such as Financial Technology, Debt & Insolvency, Credit Scores, Mindfulness and for today, Budgeting.
When it comes to budgeting, I think we can all admit we have a love-hate relationship with it. At times, we may find budgeting a little overwhelming, hard to manage and maybe even boring. But budgeting is a great tool. You can apply it to your life to help you assist in reaching almost any financial goal. Discover how Canadians budget in 2021, and how their habits have changed since our budgeting survey in 2020.
Results: Budgeting in Canada Survey Results Canada 2021
In 2020, we see many Canadians face job and income loss due to the unprecedented COVID-19 pandemic. Last year, we discovered that 48% of Canadians had a budget. This year, we see an increase with 61% of respondents currently following a budget. In comparison, when asked do Canadians know how to budget, 72% agreed in 2020 with an increase to 78% in 2021. This increase shows that more Canadians are actively learning more about budgeting to better their finances.
In addition, we learnt that only 23% were prepared in the case of a financial emergency last year. In 2021, we saw an increase with 33% now feeling that they are prepared in the case of an emergency. Regardless, we believe with the right tools and solutions, Canadians can continue to become more confident and secure while budgeting. In time, this will help them become more prepared when saving money for an emergency.
Check out the full breakdown of our 2020 vs 2021 results below.
About the Personal Finance Sentiment Survey 2021
The Personal Finance Sentiment Survey measures Canadians’ attitudes toward their debt, credit score confidence, use of personal finance apps and websites, loans, insolvency and other personal finance-related topics. Conducted by Marble and updated yearly.
The latest data, representing the second Personal Finance Sentiment Survey, was compiled by Marble between July 31st 2021 to August 8th 2021. For this survey, a sample of 489 Canadians aged 18 years and over were surveyed. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.