New study finds: Money-related "shock moments" are forcing Canadians to find new financial footing
Oct 4, 2021
A newly re-branded Co-operators meets a nation re-emerging in this pandemic moment – with holistic financial services including investments, insurance and security
TORONTO, Oct. 4, 2021 /CNW/ - Co-operators, the financial foundation for Canadians for over 76 years, has re-branded its identity with an expansion from its insurance base into holistic, personalized financial services, investments, multi-line insurance and security. With this announcement today, the company released findings from its latest cross-Canada research that suggests with convincing data that money-related "shock moments' are forcing Canadians to find a new financial footing.
The revealing new study entitled "Money Mindset Imprints," was commissioned by Co-operators and conducted on the online Angus Reid Forum Panel. In this poll, two-thirds of Canadians (66 per cent) admit they have suffered through "shock moments" in their life linked to a financial situation that changed quite dramatically (e.g., loss of a job, loss of loved ones, divorce, etc.). Interestingly, 78 per cent of Canadians say the way they were raised as children still has an unconscious impact on their financial decision-making today (e.g., money management, investments and insurance). Compounding this, a further 69 per cent confess to never being properly educated on financial security and planning matters heading into adulthood.
"These data points unequivocally validate what we've already been hearing from people on the ground across the country for a while now," says Emmie Fukuchi, EVP, chief digital and marketing officer, Co-operators. "Canadians have been feeling unsupported when it comes to building their financial strength and security; they feel like they're in catch-up mode."
In fact, when Canadians were asked to grade how well they'd acted on their financial goals to date, an overwhelming 92 per cent conceded – in their own self-evaluations – that they would fail to make the honour roll.
"For too long," Fukuchi adds, "Canadians have been made to feel like a number, having been bracketed into data sets, sub-sets and averages." Co-operators is re-focusing financial services from a statistics lens to a human lens. And this is, in fact, exactly what the majority of Canadians are craving: 64 per cent of survey respondents say they wish there was a person or place from where they could get authentic, customized financial advice, as unique to them as their DNA.
This Co-operators re-brand, a first in over four decades, meets this desire for tailored advice and introduces to Canadians, a new logo and tag line: Investing in your future. Together., and a new visual brand identity to better align to the expanded all-in-one services. The long-standing, trusted co-operative offers a broader level of financial services that embrace investment products, services and advice, insurance, security and future planning. "Our people-first and advice-based approach is stepping in now to fill a gap in our industry, and our goal is to provide unparalleled personalization to Canadians," remarks Fukuchi.
Other noteworthy findings from the study include the following:
- My parents made me do it!": 78 per cent of Canadians say they are still financially under the unconscious influence of their parents.
- Generational shock moments: The vast majority of Canadians (86 per cent) say societal shock moments (such as the Great Depression, the COVID-19 pandemic, etc.) fundamentally change the way people relate to money, making them way more conscious about it.
- Canadians are seeking financial makeovers: More than half of the country (55 per cent) believe this pandemic has indeed made them realize they need to revisit and rearrange their financial plans for the future.
- Feeling shame and managing expectations: A sizeable number of Canadians feel embarrassed or guilty about their finances: 45 per cent say they don't like talking about it because they feel ashamed, thinking they should be doing better at this stage of their lives. Twenty-nine per cent also feel guilty that they don't have their money, investments and insurance policies in order, the way their parents expected of them.
- Seeking happiness with money: Canadians are still optimistic: 55 per cent believe cultivating a happier mindset can attract more money into their lives, while 68 per cent believe money can buy happiness.
"These findings suggest that we like to believe we are completely logical in the way we approach money and building security, but we are not," says Dr. Gillian Mandich, Canada's first happiness researcher, scientist, and founder of The International Happiness Institute of Health Science Research. "The truth is – and the data shows us this - we are actually driven by emotions and memories from our past experiences, and we need to recognize our own money mindset imprints in order to relieve the pressure we are currently feeling."
The "Money Mindset Imprints" study by Co-operators was administered from September 7th to 9th, 2021 with a representative sample of 1,538 online Canadians who are members of the Angus Reid Forum. The precision of Angus Reid Forum online polls is measured using a credibility interval. In this case, the poll is accurate to within +/- 2.5 percentage points, 19 times out of 20, had all Canadians been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. The company has more than $61.5 billion in assets under administration. Co-operators has been providing trusted guidance to Canadians for the past 76 years. The organization is well known for its community involvement and its commitment to sustainability. Achieving carbon neutral equivalency in 2020, the organization is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is also ranked as a Corporate Knights' Best 50 Corporate Citizen in Canada and is listed among the Best Employers in Canada by Kincentric. For more information, please visit: www.cooperators.ca.
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SOURCE The Co-operators Group Limited