One of the few bright spots generated by the COVID pandemic is our approach to money management. We’re getting better at it.
There’s nothing like a crisis to get us thinking about how we do things and a survey conducted for ScotiaBank asked 1,500 Canadians how their attitude towards money management had changed since the pandemic began. They discovered that many of us have become savers again. More than half of us have generated a rainy day or emergency account, generally using the money we’re not spending on entertainment and dining out or buying clothes to fund it.
Most of us are putting into savings accounts although some are directing it towards their investment vehicles such as RRSPs or TFSAs. The third highest priority is paying down debt.
But, perhaps the most significant change uncovered by the report is that more of us are feeling confident about our ability to cope with the financial aspects of the pandemic. Last spring, 36-percent described themselves that way. Now it is 41-percent.
And nearly 90% said they expect Christmas spending will be different this year with half saying they will spend less on gifts.