A recent survey found that Canada people are extremely stressed about their finances, financial institutions, and financial futures. This was recorded by the survey conducted by Meridian Credit Union. It found out how the people in the younger generations increasingly feel discouraged by the cost of living.
Furthermore, the survey found out that about 71 percent of millennials who were born between the years of 1981 and 1996 agreeing to it becoming more difficult to make ends meet. Additionally, 63 percent feel as though their lifestyle has become unaffordable. Another 82 percent agree that the average Canadian citizen “can’t get ahead in this economy.”
What More Has Been Said In Response To The Survey Of The People?
In response to what the people have said various studies have come through. Many opinions too seem to come in. This might also go beyond the confines of traditional surveys.
“Our More Than a Number study goes beyond the confines of traditional surveys to give Canadians an opportunity to express their financial outlook in their own words,” Matthew Seagrim, chief digital and marketing officer at Meridian. Thiis was said in a press release Tuesday.
“It reveals that Canadians want to develop a more personal relationship with their financial institution as they seek advice to navigate a challenging economy.”
Additionally, the survey found their younger counterparts or people had similar feelings. Over 60 percent of Generation Z, those born between the years of 1997 and 2012 feel anxious and panicked. These generation of people feel extremely uneasy about money, with three quarters of their population struggling to make ends meet for regular needs.
What More Did The Younger Generation People Tell?
Younger generations also said that they “don’t know enough” about financial planning. They also added that they would like more access to better financial guidance. Plus, the Canadian women were found to be drastically more likely to be exposed to stress about their finances. According to the survey, 40 percent of women are more likely to worry about their financial future. This figures were compared to a mere 14 percent of men.
“These findings come at a time when Canadians are feeling significant financial pressure. This was there despite easing interest rates,” the report reads in part. It is to be noted that the survey results also come amid broader AI enthusiasm within the Canadian banking sector.
What Was Planned Before In Last Year For the People?
Last month, certain reports stated all about the reported plans for the Canadian Imperial Bank of Commerce (CIBC) to hire over 200 employees to expand its use of generative AI. This was to be done through things like a pilot program using a “Chat-GPT-like interface”. This would help to assist employees with answering customer questions.
The survey found that the majority of Canadians prefer working through their most serious financial concerns with a human employee, rather than AI. This is because interacting with a human is easy plus one could actually understand things. In addition, this means that around, two in three Canadians fear losing their “human connection” with their bank due to the rise in AI.
“…Three in five (61 percent) Canadians feel their banking doesn’t know them on a personal level. On the other hand, close to half (46 percent) are looking for a more personalized banking relationship,” the report states.
“Additionally, despite the rise of technical innovation in digital banking, many Canadian people around 87 percent still feel the need to feel that they can work through their most serious financial problems with a real person and not AI.”
Aside from AI, one in six Canadians feel the need for more competition in the banking industry to help create more services and reduce fees.
Conclusion
Thus, this is what you should keep in mind regarding the finance issues. Especially the ones that are currently going on around the minds of the Canadian public right now. Issues might come up however knowing how to deal with it is the real deal. This is because one has to get about thoroughly with the flow. Plus, managing finances and knowing all about it is important too. All of this will be discussed upon thoroughly in the next blogs. This will allow you to have more idea about finances and its management.