Trends Report

The Financial Impact Of COVID-19 On Canadian Consumers

May 14th, 2020

Summary

In response to COVID-19, Canadian consumers are cutting down spending on nonessentials and relying on their credit cards and savings as primary tools to face the crisis; only a handful are planning ahead by optimizing their investments and insurance coverage. Canadian adults between the ages of 25 and 44, with childcare, or who have been permanently laid off are the most anxious about their financial situation during the pandemic. Canadian customers have seen a reduction in their earnings due to COVID-19, forcing them to reduce consumption, postpone big purchases, and delay important life events — all of which will impact banks’ profits going forward.

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