Survey: 3 in 4 Canadians Experiencing Financial Stress Due To COVID-19
Mar 24, 2020 • 3 min read
Stressed about your personal finances? You aren’t alone. We surveyed our members to get a better sense of what’s weighing on people’s minds, so we can work to find solutions and create useful resources. Here’s the press release we put out to share our findings.
New Survey Reveals 3 in 4 Canadians Experiencing Financial Stress Due To COVID-19
74% of respondents feeling stressed about their finances, with 30% losing sleep
TORONTO, Canada - March 24, 2020 - COVID-19 is causing an economic crisis for many Canadian families, with nearly 30% reporting extreme stress. In total, 74% reported feeling some degree of stress brought on by the crisis. Over 40% say their biggest financial worry is how to pay for basic necessities such as food and rent.
These are findings from a large study conducted by Borrowell, one of Canada’s leading financial technology companies. Distributed to Borrowell’s more than one million members this past weekend, the survey received over 16,000 responses. Members were asked questions about their current financial state, with findings highlighting reduced or limited income, fear about job security and the inability to pay for basic living expenses.
“We are facing a health and economic threat the likes of which we’ve never seen,” said Andrew Graham, Borrowell’s co-founder and CEO. “People are worried about their jobs, worried about how they will pay bills this month. The survey is a sobering reminder of the precarious financial situation facing millions of families as the COVID-19 crisis deepens and at Borrowell we’re committed to helping Canadians navigate this difficult financial landscape.”
74% of respondents report feeling stressed about their personal finances, with 30% of respondents saying they are ‘extremely stressed’ to the point of losing sleep. Only 6% of people are feeling financially secure.
Paying for basic necessities (like rent and groceries) tops the list as the biggest worry (41%), followed by fears of increasing personal debt during this period (19%).
29% say COVID-19 has had an ‘extremely negative’ impact on their finances already.
32% of respondents have no plan in place if funds run too low to pay bills, saying ‘I don’t know what I would do.’
Borrowell is dedicated to making financial stability possible for everyone. Borrowell offers free credit scores, education and monitoring, as well as innovative digital tools like AI-powered credit coaching and personalized financial product recommendations. Borrowell’s latest feature predicts bills and balances to help users avoid missed payments.
With over one million members, Borrowell is one of largest fintech companies in Canada. Borrowell has won numerous awards, including being named one of the top 100 fintech companies in the world by KPMG, ranking 4th on the Deloitte Technology Fast 50™ list of fastest growing companies in Canada, and making App Annie's list of Breakout Finance Apps for 2019.
Media Inquiries- To arrange an interview with Andrew Graham or request additional information, please contact [email protected]
Borrowell is dedicated to making financial stability possible for everyone. With over 2 million members, the company offers free credit scores in Canada, education, weekly credit monitoring, credit building solutions, as well as digital tools like AI-powered credit coaching and personalized financial product recommendations. For more information, visit borrowell.com or download the mobile app for Android or iOS.