We’re excited to share with you Part 2 of our results from our second ever annual Personal Finance Sentiment Survey to help us understand our Canadian consumers and their relationship with debt & insolvency. At Marble, it’s so important for us to create a community for Canadians where they feel no judgement, and are able to find solutions to help them improve their credit, refine their budget and pay down their debt. That’s why we decided to create this survey to understand how we can better help our community manage its debt and insolvency in Canada. Stay tuned for the full debt and insolvency survey results in Canada 2021.
In the next coming weeks, we will be releasing a total of five infographics highlighting your thoughts and opinions and comparing this year’s results to last year. We will cover areas such as Credit Score Confidence, Budgeting, Loans, Financial Technology, Mindfulness and for today, Debt & Insolvency.
In recent years, Canadians have increasingly recognized how financial technology apps and websites can help support their journey to a better financial future. Check out the results for this year’s survey and how they compare to our last survey.
Results: Debt and Insolvency Survey Results Canada 2021
When it comes to loans, debt & insolvency trends among our Canadian customers, we see changes in patterns from 2020 to 2021. To highlight, 50% of Canadian’s considered filing for bankruptcy in 2020 in the midst of the COVID-19 pandemic.
Following on to 2021, we see a decrease of 20%, with now only 30% of Canadians considering filing for bankruptcy. In addition, the Canadian majority seek advice in relation to insolvency from their bank in 2020 (47%). In comparison, we see this figure drop significantly to 21% in 2021. Now, Canadians seek advice from either a Licensed Trustee (27%) or a Financial Advisor (26%) in 2021. When asked did Canadians have active loans, we seen little to no change from 2020 (68% yes) to 2021 (69% yes). But we found a significant drop in Canadians using Payday loans. In 2020, 65% of respondents confirmed they used Payday loans in comparison to 50% in 2021. To read our full results, check out our infographic 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.