54% Of Ontarians Reported To Be ‘Financially Coping’ In The Midst Of The Coronavirus Pandemic
While only 36% consider themselves to be financially healthy.
Financial health and security has been on the minds of Canadians since the initial lock down measures were announced in early March. For those who faced a complete loss of business revenue and others grappling with lay-offs, government funding and support could not come soon enough.
As social distancing swept over the country, a polarizing disconnection to financial security was felt by Canadians. Quickly questions about the country’s financial well-being became top news and prediction of recessions– even economic depressions were predicted.
In the height of it all, Meridian Credit Union partnered with Maru/Matchbox to conduct a survey on the financial health of 1,500 Ontarians. The results say the majority of Ontarians are considered to be coping financially while four-in-ten (36 percent) are financially healthy. And only 10 percent are considered financially vulnerable.
The study used four components to determine financial health considering a person’s spending, borrowing, saving rate and financial plan. In doing so they categorized participants into three categories: financially coping, financially healthy or financially vulnerable.
At the peak of lockdown Canadians were reported to be maintaining a positive outlook on the future of their finances. As weeks turned into months some reports suggested that optimism was fading as pay cuts and layoffs were increasing— not to mention the lasting effects being felt in provinces across the country.
With so many varying reports and experiences its no surprise Canadian’s are unsure what level of financial freedom their future holds. Meridian and Maru/Matchbox’s findings stand as sign that for the majority, the fall-out from the pandemic will be bearable.
Other key findings include:
- 71% of Ontarians plan ahead financially
- 59% of Ontarians spend less than income
- A large majority of Ontarians (80%) pay all of their bills on time
- 68% of Ontarians report having enough funds readily accessible to afford their current level of spending for three or more months
- 63% of Ontarians feel that their credit score is very good or excellent
To see how you’ve been faring financially, and what steps you can take to better or maintain your score, the two minute survey is available here.