Over one third of financial decision makers in Canada view the current economy as weak, and a similar percent expect it to further weaken in the next three months. Over half the consumers have reported decreased spending, but only 40 percent have experienced decreased income or savings. Over 40 percent of consumers have job security concerns, and a similar amount have less than 4 months of savings. The majority (68 percent) of consumers believe their banks are performing on par with expectations, but many would like late fees waived on credit card and loan payments. While over 40 percent of consumers cite decreased usage of cash, over quarter of consumers have increased usage of contactless payments. More than half of financial decision makers are unsure about the long-term outlook for the economy after the COIVD-19 crisis.
Financial decision-maker sentiment: Canada
An ongoing look at how the attitudes of financial decision makers in Canada are evolving during the COVID-19 pandemic.