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One in three Canadians concerned about COVID-19's impact on personal finances: CPA Canada study

·3 mins read

TORONTO, Oct. 27, 2020 /CNW/ - Without a doubt, many Canadians have felt a harsh financial impact from the fallout of COVID-19 as it alters incomes, savings strategies and retirement plans. According to a recent national survey commissioned by Chartered Professional Accountants of Canada (CPA Canada), one third of Canadians say the stress associated with money management has increased because of the pandemic.

Chartered Professional Accountants of Canada (CPA Canada) (CNW Group/CPA Canada)
Chartered Professional Accountants of Canada (CPA Canada) (CNW Group/CPA Canada)

With November marking Financial Literacy Month in Canada, Chartered Professional Accountants of Canada (CPA Canada) has released its comprehensive Canadian Finance Study 2020, which examines people's attitudes and feelings towards their personal finances. The results highlight the new financial realities that Canadians are experiencing during these unprecedented times.

"Canadians are worried amid the uncertainty and the pandemic is influencing how they are viewing and managing their finances," says Doretta Thompson, CPA Canada's Financial Literacy Leader. "The need to provide financial educational and literacy tools to Canadians is paramount so that information is available to help individuals and families make informed decisions when it comes to money matters."

Among the key pandemic-related findings:

  • 31 per cent of the participants say their income has decreased as a result of COVID-19.

  • 30 per cent of respondents report COVID-19 has reduced the amount they are saving.

  • 21 per cent of pre-retired respondents reveal they now plan to retire later as a result of COVID-19.

  • COVID-19 also is impacting the way survey participants are spending, with 55 per cent saying they are spending less, on average.

  • Nearly half of the respondents (46 per cent) say that their financial situation is about the same as it was a year ago.

  • 77 per cent of those surveyed are not receiving a COVID-19-related benefit from the federal government.

"This is a challenging time for many Canadians and it is never too late to start paying closer attention to your finances and to seek information to help guide your decision making," adds Thompson. "Taking action today can position you for a better tomorrow when it comes to your finances."

To access CPA Canada financial literacy resources, visit: cpacanada.ca/financialliteracy.

Survey Methodology

Nielsen conducted the CPA Canada 2020 Canadian Finance Study via an online questionnaire, from September 4 to 16, 2020 with 2,008 randomly selected Canadian adults, aged 18 years and over, who are members of their online panel. A background document can be found online at: cpacanada.ca/canadianfinancestudy2020.

About Canada's CPAs

The Chartered Professional Accountant (CPA) designation is used by more than 220,000 professional accountants around the world. Canadian CPAs are valued for their financial and tax expertise, strategic thinking, business insight, management skills and leadership. Canadian CPAs serve in senior roles in Canada and abroad and are recognized as having the highest standards of professionalism and integrity. They work in all sectors of the economy: public practice, industry, government, not for profit and academia. cpacanada.ca



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