- New research reveals that nearly half of Canadians have had
the same argument about money multiple times with loved
ones
- Money Style, a new tool and quiz available through
Scotia Advice+, aims to help Canadians have more insightful
conversations about money
TORONTO, March 18,
2024 /CNW/ - A recent survey by Scotiabank
reveals that nearly half of Canadians say arguing about money is
adding increased stress to their lives, with 47 per cent reporting
that they have had the same argument about money with loved ones
more than once.
To help Canadians break through these communication barriers,
Scotiabank is introducing Money Style by Scotia Advice+, an
online tool that helps build financial literacy by focusing on
empathy and emotional intelligence when it comes to money.
"Money is a flashpoint in all kinds of relationships," said
Tanya Eisener, Senior Vice
President, Retail Customer Value at Scotiabank. "It's a topic that
easily provokes a range of feelings, which can include judgment and
shame, and it can start arguments. Money Style is a unique tool
that offers people a starting point to better understand themselves
and their loved ones – and we hope that it helps Canadians have
healthy and productive conversations about their financial
futures."
The Money Style tool draws on real-world scenarios and reveals
what basic universal needs may be driving a person's actions,
outlooks, and behaviours in money situations. By taking the
15-question quiz, people will learn their dominant Money Style and
how it shows up in day-to-day situations.
"Having uncomfortable conversations about money is universal,
but the reasons are individual. We all have a unique experience
with money, whether formed by society, our families, or
socio-economic situations," says Dr. Adam
Palanica, Senior Manager of Insights and People Analytics at
Scotiabank, who holds a PhD in Cognitive and Behavioural
Neuroscience Psychology and has more than a decade of experience in
market research and consumer behaviour. "Learning about your Money
Style will help you consider how the people closest to you think
and feel about money and find some common ground."
The six Money Styles are:
- Belonging: "Money is a means for me to feel
included."
- Certainty: "When it comes to money, I need to feel
secure."
- Connection: "Money allows me to show people I
care."
- Contribution: "Money enables me to build toward meaningful
goals."
- Independence: "When it comes to money, I need to feel
free."
- Potential: "The purpose of money is to help me live my best
life."
"The latest Scotiabank Worry Poll showed that one in two
Canadians are worrying about money an average of 17.7 hours a week.
That's the equivalent of a part-time job," says Kingsley Chak,
Senior Vice President, Retail Deposits, Savings, and Investments at
Scotiabank. "We know that conversations about money can be
challenging, but they are so important to have. Money Style by
Scotia Advice+ is here to help you gain a deeper understanding of
yourself, to in turn prioritize understanding others, and
collectively live our best lives, financially and beyond."
Learn more about the Money Style by Scotia Advice+ tool at
www.scotiabank.com/moneystyle.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial
partner, to deliver sustainable, profitable growth and maximize
total shareholder return. Guided by our purpose: "for every
future," we help our clients, their families and their communities
achieve success through a broad range of advice, products and
services, including personal and commercial banking, wealth
management and private banking, corporate and investment banking,
and capital markets. With assets of approximately $1.4 trillion (as at
January 31, 2024), Scotiabank trades
on the Toronto Stock Exchange (TSX: BNS) and New York Stock
Exchange (NYSE: BNS). For more information, please
visit http://www.scotiabank.com and follow us on X
@Scotiabank.
Methodology on Money Style by
Scotia Advice+
In September 2023, Scotiabank
started developing the Money Style quiz and six Money Styles, after
consulting published research on the psychology of money and
consulting with academic and clinical experts on the nature of
arguments that people tend to have about money. In January 2024, Scotiabank, Maru Public Opinion and
Maru/Blue conducted an examination of the conversations Canadians
have around money, including how often, how positive or negative
they are, how it makes them feel, and if they believe they are
equipped to handle it. The Maru Public Opinion online survey for
Scotiabank interviewed 1,520 randomly selected Canadian adults who
are Maru Voice Canada panelists on
January 16, 2024 and is weighted to
represent the Canadian adult population with an estimated margin of
error of +/- 2.5%, 19 times out
of 20.
Methodology on Scotiabank Worry
Poll, published on February 13,
2024
From January 24 to 25, 2023, an
online survey of 1,505 randomly selected Canadian adults who
are Maru Voice Canada panelists was conducted by Maru/Blue on
behalf of Scotiabank. The overall data is weighted by age, gender,
and region to be representative of the Canadian adult population.
Discrepancies in or between totals are due to rounding.
SOURCE Scotiabank