An overwhelming majority of Canadians (98%) say their self-care habits are here to stay in a post-pandemic world, according to a Scotiabank Survey. Most Canadians (79%) are partaking in at least one self-care activity since the pandemic began and nearly 60% of those are spending an average of $282 on self-care in the past 12 months.
The Scotiabank self-care survey asked Canadians about their sentiment toward their financial, mental, and physical well-being over the past twelve months, and the self-care activities that support their overall well-being.
Canadians 18-34 years of age significantly outspend others for self-care activities ($395), compared with $255 among 35-54-year-olds, and $220 among those ages 55+. Over three-quarters (79%) of Canadians partook in at least one self-care activity during the pandemic. The most popular activities were baking and cooking (50%), home workouts (41%), and online shopping (34%).
While spending on self-care has helped Canadians manage their overall well-being throughout the pandemic, when it comes to their financial well-being, Canadians are also feeling optimistic. More than two-thirds of Canadians (68%) feel good about their financial health over the past 12 months; however, one-in-three (32%) Canadians rate their financial health this past year as fair or poor.
While millennials indicated they spend nearly twice as much on self-care activities than those 55+, they also spend more time worrying about their finances.
Regionally, Quebecers (77%) feel the best about their financial health over the past 12 months, compared with 64% of Ontarians and 62% of Albertans. The average spend on self-care activities is highest in Alberta ($367) and lowest in the Atlantic provinces ($176).
“Spending on things that improve your self-care has been an essential coping strategy since the pandemic began, but it’s important Canadians look after their financial well-being in addition to their physical and mental wellness,” said D’Arcy McDonald, Senior Vice President, Deposits, Investments & Payments at Scotiabank. “This past year many Canadians have been able to increase their savings but as we see lockdown restrictions ease and spending increase once again, we want Canadians to keep up with the strong money habits they developed during lockdown.”
Scotiabank Financial Self-Care Checklist
- Automate and Save
The past year has reinforced the importance of savings. 79% of respondents to the 2020 Scotiabank Money Readiness Poll said they are being more cautious with their spending and 61% of them said they are setting money aside for an emergency. A healthy financial buffer can help reduce stress by being prepared for unexpected expense. As the world starts to reopen, maintain good habits by automating monthly savings deposits from each paycheck and ensure your savings are growing in a high-interest account or GIC.
- Invest in yourself
Have all the headlines about the market piqued your interest in investing? Check your bank account features and take advantage of free trades. Scotiabank’s Ultimate Package for example offers customers 10 free equity trades at Scotia ITRADE ® in their first year, and five free equity trades every year after.*
- Spend Smart and Reward Yourself
Before you order takeout, buy a new shirt, or pick-up your next coffee to-go, ask yourself if your bank account is helping you make the most of your everyday spending. Does your account give you benefits and features, help you minimize account fees or offer you the ability to earn and redeem points like Scotia Rewards®?