It’s that time of year again! We’re excited to announce that we recently conducted our second ever annual Personal Finance Sentiment Survey to help us get to know our customers a little bit better. At Marble, it’s so important for us to create a community and a solution for Canadians to support them to feel confident and in control of their money. And we understand that no one person’s financial journey is identical, which is why we needed your help to understand your credit, budgeting, debt, fintech and mindfulness habits.
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, Debt & Insolvency, Mindfulness and for today, Financial Technology.
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: Canadians and their relationship with Financial Technology
Last year, we asked Canadians if they use a personal finance app or website to manage their finances. In 2020, 26% of respondents said they used a personal finance app or website. In 2021, we saw a 12% increase, with 38% of respondents saying they used a personal finance app or website.
To better understand what matters most to Canadians when it comes to Financial Technology, we asked what matters most to them when choosing an app or website. To highlight, in 2020 Canadians cared most about the ease of use (39%) and that it improves your overall finances (39%). Similarly, in 2021 Canadians cared even more about the ease of use (44%) and less about whether it improves your overall finances (31%).
In 2020, Canadian respondents mainly found their personal finances apps as a result of a financial event (35%) and in 2021, they found them through online research. In addition, 31% of respondents were using an app or website to help them improve their credit score in 2020, compared to 22% in 2021.
Check out a full breakdown of our 2020 results here.
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.