New Data Indicates COVID-19 Financial Impact on Canadians Turning a Corner
TORONTO, June 10, 2020 (GLOBE NEWSWIRE) -- TransUnion’s latest weekly study looking at the impact of COVID-19 on consumer finances in Canada, reveals consumers’ shifting mindset from panic to preparedness. The survey of 1,078 adults conducted on the week commencing June 1, 2020, reveals that consumers are adjusting to a new normal around their budgeting, and that government support and bank forbearance programs continue to provide financial relief.
Consumer mindset shifting from panic to preparedness
The proportion of consumers saying they are negatively affected by COVID-19 has dropped to
Canadians changing money patterns to better manage cash flow
The data shows that the impact of the crisis is fundamentally shifting household budgets. Canadians who indicated they have been negatively impacted are using unemployment benefits or other government subsidies, as well as paying less down against existing debt to preserve cash flow. Specifically, more than 1 in 3 affected consumers (
Ongoing concern about paying bills
Two-thirds (
Gen Z feeling the brunt of the impact
Gen Z are now struggling the most as the proportion indicating they are negatively impacted grew to
Details about the research and additional resources for consumers can be found on TransUnion’s COVID-19 website.
About TransUnion
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good® TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people in more than 30 countries. Our customers in Canada comprise some of the nation’s largest banks and card issuers, and TransUnion is a major credit reporting, fraud, and analytics solutions provider across the finance, retail, telecommunications, utilities, and government and insurance sectors.
For more information visit: www.transunion.ca
Contact | Fiona Bang |
Fiona.Bang@ketchum.com | |
Telephone | 647-680-2885 |