A new survey of 1,001 Canadians by Phase 5 in June/July 2020 looks at how the pandemic is affecting consumer behaviour and attitudes towards finance.
Overview
Reduced income and spending, along with closed branches and health concerns, are having a significant impact on how Canadians spend, save, work with their banks, and invest and plan for the future. At the same time, fundamental attitudes, such as overall pessimism or optimism, can lead consumers to dramatically different approaches to how they cope with the changes they must make.
Phase 5 partner Michael Dolenko states, "The Canadian consumer's financial situation is changing, and having a significant impact on decisions regarding savings, retirement, and investments. However consumers are divided on their attitudes towards these changes, and it is helpful to separate the pessimists from the optimists in order to effectively support and serve customers." Results of this new study can help businesses identify leading behaviours and better understand the attitudes driving those behaviours in order to anticipate customer demands and needs in the post-pandemic world.
To learn more about this study and how it applies to your business, please contact
Michael Dolenko, Partner, Phase 5 at michaed@phase-5.com