Photo: Ryan Remiorz, The canadian Press
63% of the households claim to have significantly reduced their discretionary spending.
Another poll just measure the place that the pandemic takes in the daily lives of households. Nearly two-thirds of Canadians have had to cut their discretionary spending and approximately one in two canadians said in see the effect on his finances.
The results of a survey conducted by CIBC, released Monday, indicate that the economic impacts of the pandemic had a negative impact on the finances of 46 % of Canadians. And 47% of respondents believe that it will take more than a year to put their personal finances on track, especially as they are 79 % to be concerned about an ongoing recession next year.
On the budget plan, 63 % say they have significantly reduced their discretionary spending. For the 22 % of respondents who have had to borrow more in the last 12 months, current expenses (38 %) were the main reason of their loan, followed by a loss of income (28 %) and job loss (18 %).
As to financial goals, respondents gave first the creation of an emergency fund, and then the adoption of an approach to avoid over-indebtedness. “The main financial goals for the rest of the year 2020 are the following : in general, save as much as possible (37 %), and avoid taking on more debt (36 %),” one can read.
It is the time feel that they need 46% of the respondents to give their personal finances on track.
The survey was conducted online on 8 and 9 June from 1517 randomly selected canadian adults. A random sample of this size has an estimated margin of error of plus or minus 2.5 %, 19 times out of 20.
In an Angus Reid survey published at the beginning of the month, conducted from may 19 to 24, with 5001 respondents, 32 % said they were in less good financial situation than a year ago, and 71 % said they fear a deterioration of their personal finances over the next 12 months. A little over 18 % of them have missed or delayed a payment of rent or a payment on a mortgage, loan or credit card because of the COVID-19.
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To the québec-wide scale, the results of a survey Question Retraite/SOM released in mid-June showed that 46% of respondents say they are better prepared financially if another major crisis were to occur within five years. In more detail, 30 % say they are much or somewhat affected by the current crisis in terms of personal finance. In addition, 45 % have reviewed their budget and their financial priorities. Among them, 67 % have done so by prudence and 33% obligation.
“Of those who have reviewed their budget and their priorities, 85 % have reduced their consumption, 59 % have cancelled or postponed a major project, 25 % have used more of the credit, 29 % have deferred payment of some bills, and 30 % have reduced the minimum repayment on their credit cards,” continues the survey, conducted online from April 22 to may 1 from 1007 respondents, adults in Quebec. The maximum margin of error is 3.9 % (at confidence level of 95 %).