In our Personal Finance Sentiment Survey, we asked our Canadian customers many questions regarding their relationship with their money. We previously discussed Canadians and their relationship with Financial Technology and shared insights on how our consumers dealt with Debt, Loans and Insolvency. When it comes to creating and maintaining a budget, what are Canadians doing?
We previously learned that 69% of respondents have an active loan, with over 75% having at least two active loans. Following this, we learned where our users obtained their loans, with almost half of respondents finding them online. We discovered that 84% of Marble customers have considered Debt Consolidation at least one stage of their lives. When it comes to Debt, Loans & Insolvency, one thing that may help many people improve their current financial situation would be an effective budget.
This week, we’re sharing part three of our Sentiment Survey, where we ask Canadians about their sentiment surrounding Budgeting in their lives.
When asking our consumer’s “Do you Budget?”, we learned that 52% do not have a budget they follow. To gain a deeper understanding, we found that 28% of respondents do not know how to budget. Financial education is the key to a successful budget, and knowing how to create an effective and easy-to-follow budget can help anyone at any stage of their life. While asking our customers about saving for an emergency, we discovered that 68% of respondents were not prepared financially for COVID-19.
When it comes to eating out, gym memberships and other leisure activities, we asked our customers did they put money aside for such leisure activities. 52% of respondents said they didn’t put any money aside for such activities. The results of this question may be conflicting with the current COVID-19 pandemic where at the time this survey took place, many businesses such as the gym, cinema etc was not open for health & safety reasons. In conclusion, we also asked our consumers how much money they had left by month’s end; this resulted in 31% of respondents having $100 or less available money. Check out our infographic above for the full list of results.
