OMNI REPORT: FINANCIAL STRESS. May 7, 2018

Transcription

1 OMNI REPORT: FINANCIAL STRESS May 7, 2018

2 METHODOLOGY QUANTITATIVE RESEARCH INSTRUMENT An online survey of 1106 Canadians (excluding Quebecers) was completed between March 30 to April 2, 2018, using Leger s online panel, LegerWeb. The margin of error for this study was +/-3.0%, 19 times out of 20. ABOUT LEGER S ONLINE PANEL Leger s online panel has approximately 400,000 members nationally and has a retention rate of 90%. QUALITY CONTROL Stringent quality assurance measures allow Leger to achieve the high-quality standards set by the company. As a result, its methods of data collection and storage outperform the norms set by WAPOR (The World Association for Public Opinion Research). These measures are applied at every stage of the project: from data collection to processing, through to analysis. We aim to answer our clients needs with honesty, total confidentiality, and integrity. 2

3 THE RESULTS

4 CANADIANS ARE MOST STRESSED ABOUT MONEY Four-in-ten (41%) Canadians (excluding Quebecers) rank money as their greatest stress, which is consistent with 2014 data. Canadians with low-incomes (<$40K/year) are most likely to select money as their greatest source of stress (60%) % 41% Money INCOME 19% 23% Personal Health 60% 40% 31% 23% 22% Work 17% 14% Relationships <$40K $40K-$79K $80K In general, what tends to cause you the most stress in your life? Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 4

5 ATLANTIC CANADIANS AND MANITOBANS ARE MOST LIKELY TO SAY MONEY CAUSES THE MOST STRESS IN THEIR LIFE TOTAL ATL ON MB/SK AB BC MONEY 41% 55% 40% 52% 39% 37% PERSONAL HEALTH 23% 21% 22% 22% 25% 22% WORK 22% 14% 23% 19% 21% 23% RELATIONSHIPS 14% 10% 15% 8% 15% 18% 0001 In general, what tends to cause you the most stress in your life? Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 5

6 EMBARRASSED BY LACK OF CONTROL OVER FINANCES More than half (51%) of Canadians (excluding Quebecers) report that they are Always / Sometimes embarrassed about lacking control over their current financial situation. Compared to 2014, the proportion of Canadians (excluding Quebecers) who report that they are Always / Sometimes embarrassed about lacking control over their current financial situation has increased significantly (51% in 2018 vs 44% in 2014). Millennials (aged 18-34) and lower-income Canadians (<$40K/year) are most likely to feel this way (70% and 61% respectively) AGE 70% 57% 56% 46% 44% 12% 33% 33% 22% 1% ALWAYS / SOMETIMES 51% Always 12% Sometimes Rarely Never 39% 26% 20% No Answer 2% 34% INCOME 61% 54% 46% <$40K $40K-$79K $80K How often, if ever, do you feel embarrassed about lacking control over your current financial situation? Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 6

7 LOSING SLEEP OVER FINANCIAL WORRIES Approximately half (48%) of Canadians (excluding Quebecers) say they ve lost sleep because of financial worries. Women are significantly more likely than men to say they ve lost sleep over financial worries (51% vs. 44%). Canadians (excluding Quebecers) who are embarrassed about lacking control over their finances (vs not embarrassed) and those who feel pressure to keep up with their friends financial status (vs no pressure) are significantly more likely to say they ve lost sleep over financial worries (66% vs 28% and 67% vs 42% respectively) % AGREE 48% GENDER 13% 32% Strongly Agree Somewhat Agree 16% 32% 51% 44% 25% Somewhat Disagree 27% 28% 1% Strongly Disagree No Answer 2% 24% WOMEN MEN 0003 How much do you agree, or disagree, with the following statement: I have lost sleep because of financial worries Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 7

8 MANITOBANS ARE MOST LIKELY TO HAVE LOST SLEEP OVER FINANCIAL WORRIES TOTAL ATL ON MB/SK AB BC AGREE 48% 55% 47% 62% 47% 41% Strongly Agree 16% 17% 14% 19% 19% 14% Somewhat Agree 32% 38% 32% 43% 28% 27% DISAGREE 50% 44% 52% 36% 51% 56% Somewhat Disagree 27% 29% 26% 17% 24% 33% Strongly Disagree 24% 14% 25% 19% 27% 22% No Answer 2% 1% 1% 2% 2% 3% 0003 How much do you agree, or disagree, with the following statement: I have lost sleep because of financial worries Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 8

9 PRESSURED TO KEEP UP WITH PEERS FINANCIAL STATUS One-quarter (23%) of Canadians (excluding Quebecers) report that they feel pressure to keep up with their peers financial status. Millennials (aged 18-34) and parents with young children (<18 years of age) are significantly more likely to feel pressure (52% and 38% respectively) % 3% 18% 31% 47% 2% PRESSURED 23% Very Pressured 5% Somewhat Pressured Not Very Pressured 18% 27% Not At All Pressured No Answer 2% 49% AGE 52% 37% 16% 12% 4% CHILDREN AGED <18 38% 16% YES NO 0004 To what extent, if at all, do you feel pressure to keep up with your friends or colleagues financial status? Base: All (2014: n=1005; 2018: n=1106) Canadians (excluding QC) 9

10 CANADIANS WISH THEY SAVED AND INVESTED MORE I would have saved money/more money/saved earlier Invested more / invested earlier I would have bought a property/ invested in real estate/land I would have done more schooling/higher education/ different stream I would have avoided debts/ not overspent on credit cards I would have made the right decision when selling/buying a property I would have kept my job/ worked longer/ wouldn't retired earlier I would have been more responsible with money/ budgeted better I would have saved more for retirement/ retirement plan I would have spent less money on leisure/gambling I would have tried to get a higher paying job I wouldn't have bought a car I would have spent less money I would have had a separate bank account with spouse / no divorce Avoided bankruptcy / managed business better Other No Regrets No Answer 13% 12% 8% 7% 5% 5% 4% 4% 83% 3% of Canadians 3% have at least one financial regret. 2% 2% 2% 1% 1% 9% 10% 7% More than eight-in-ten (83%) Canadians (excluding Quebecers) report having at least one financial regret. Among Canadians top financial regrets are: not saving and investing more money, not investing in real estate/property and not furthering their education What is your greatest financial regret that is, if you could go back in time and do things differently, what would that be? (open ended question) Base: All (2018: n=1106) Canadians (excluding QC) 10

11 THE TEAM

12 THE TORONTO PR TEAM Lisa Covens Vice-President Communications and Public Affairs O: Ashley Simac Research Director Communications and Public Affairs O:

13 /LegerCanada