More than a quarter of Canadians are searching for new and better options for saving their money, according to a survey released Thursday by Ally, the recently launched online savings brand.
According to the survey, larger households (those with four or more people) were the most likely to shop, with 32% indicating they have looked into new options.
Residents of British Columbia and Ontario were the most active in the search process, with 36% and 34%, respectively, indicating they have shopped around.
Although “trust” was identified as the most important factor in selecting a savings institution (30%), Canadians were also very clear about the importance of strong customer service (27%) and high savings rates (23%).
“Our findings show that a full 30% of Canadians identify ‘trust’ as the most important characteristic in a savings institution,” says Mike Spero, managing director of Ally. “Customers are looking for not only high interest rates, but also excellent customer service and a reduction in the pain points generally associated with banking.”
Interestingly, French speaking Canadians gave the highest ranking to “trust,” with 41% choosing the option on the survey.
Survey results also found that 47% of respondents have made sacrifices to boost to their savings. Items sacrificed included vacation (10%); entertainment (8%); dining out (7%); major purchases (6%); clothes (4%); and other purchases (12%).
The survey found 32% of respondents currently save most of their money in traditional savings accounts. The results also showed that age plays a role in the decision, as those in the 18 to 24 year-old range are more likely to put a majority of their money in savings accounts (59%), while those in the 45 to 54 year-old group are the least likely to stash their cash in a saving account (20%), choosing Money Market Fund Accounts (18%), Guaranteed Investment Certificates (GICs) (15%), and other investments (28%) instead.
Ally is a product of ResMor Trust Co., a subsidiary of GMAC Financial Services. Ally branded online savings products include a range of GICs and high interest savings accounts.
The telephone survey was conducted by Opinion Research Corporation among a national probability sample of 1,006 adults comprising 487 men and 519 women 18 years of age and older, living in private households Canada. Interviewing was completed during the period of September 17 – 21. The margin of error for the survey was +/- 3%.
IE
Canadians shopping around for a better place to save: survey
Trust is the most important factor in choosing a savings institution
- By: IE Staff
- October 1, 2009 October 31, 2019
- 09:45