Many Canadians concerned about financial well-being: survey

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Published March 16, 2021 at 11:00 pm

personal_finances

Does the pandemic have you stressing about your finances?

A recent survey from EY Canada found that 72 per cent of Canadians are concerned about their financial well-being as a result of the pandemic, and 45 per cent are focusing on saving more to pay off debts and avoid future uncertainty.

Based on the findings, due to this insecurity, many are actively seeking cost-effective insurance options—70 per cent of respondents said they would be willing to provide personal information, and 67 per cent said they would wear a fitness tracker in exchange for cheaper premiums.

Further, 71 per cent are seeking insurance that would cover existing financial commitments such as credit card bills, and 64 per cent are seeking coverage that would pay for their mortgage costs in the event that they lose their jobs.

“Given growing concern over financial wellbeing, we’re seeing a clear appetite for accessible insurance products that protect against existing and emerging risks,” Janice Deganis, insurance leader with EY Canada, said in a news release.

“With consumers spending more time at home and online, new concerns are mounting over things such as protection against cyber fraud or paying insurance for a vehicle they’re driving less. Canadian insurers will have to update their products and services accordingly if they want to align with consumer values, while tapping into future demand and growth opportunities,” she continued.

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