Major crisis: nearly one Quebecer in two better prepared financially

Crise majeure: près d’un Québécois sur deux mieux préparé financièrement

MONTREAL – Approximately 46 % of Quebecers would be better prepared financially to face a major crisis within 5 years, says a new survey by Question Retraite.

Carried out by the firm SOM, this time to probe the organization, which promotes the importance of planning for retirement, made a statement encouraging the preparation of Quebecers in the event of a major crisis.

Thus, only 6% of people would be less well-prepared on the plan’s finances.

The respondents are aware of the risks, since 67 % of them are of the opinion that it is likely or very likely that another crisis, like the COVID-19, a recurrence in their lifetime.

As a result, the study notes that behavioural changes. “If relatively few of the respondents (30 %) say they are much or somewhat affected by the current crisis in terms of personal finance, a larger number (45 %) have reviewed their budget and their financial priorities”, said in a press release.

In particular, the survey documents the fact that for the people who have changed their priority, 85 % of these respondents have reduced their consumption, 59 % have cancelled or postponed a major project, 25 % have used more credit than usual, 29 % have deferred payment of some bills, and 30 % have reduced the minimum repayment on their credit cards.

The results indicate that in Quebec, “seem to be quite realistic and proactive in the management of their personal finances in a time of crisis. Of course, many have not had the choice to change their behaviour, but in many others, have done in caution, which is, on the whole, quite encouraging,” mentioned Nathalie Bachand, president of the council of the Question of Retirement, which will become ÉducÉpargne, at the end of June.

The survey, by telephone, was done from April 22 to may 1, 2020 at 1007 Quebec with maximum margin of error of 3.9 %.

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