Oct 1, 2024
According to a recent survey by Meridian, Ontario’s largest credit union, 61% of Canadians feel their bank doesn't know them on a personal level. The survey also found 60% say we need more competition in banking to help create new services and reduce fees.
"Our More Than a Number study goes beyond the confines of traditional surveys to give Canadians an opportunity to express their financial outlook in their own words," Matthew Seagrim, Meridian’s chief digital and marketing officer, said in a press release.
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"It reveals that Canadians want to develop a more personal relationship with their financial institution as they seek advice to navigate a challenging economy."
Almost half (46%) of Canadians are open to alternatives to managing their money with a bank.
Gen Z’s perspective
Half of Gen Z (48%) wish they had access to better financial guidance and 51% believe that banks are too focused on selling products rather than on giving them advice. Over a third (38%) say the advice they receive from their bank feels like an upsell.
The rise of AI is giving Gen Z pause, with over half (56%) fearing the loss of a human connection with their bank. Eight in 10 (81%) note that serious financial matters should be dealt with by a person not a chatbot, and 75% want the option to choose between both digital and in person banking options.
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Other perspectives in the survey
Despite the rise of technical innovations in digital banking, 87% still need to feel that they can work through their most serious financial problems with a real person and not AI. Two-thirds are concerned about losing the 'human connection' with their bank due to the rise of AI.
Ontarians are more likely to feel their lifestyle is becoming unaffordable due to rising costs (62% vs 53% for the rest of Canada) and express greater concern for their long-term future due to the current economy.
Women are more likely to worry about their long-term financial future at 40%, compared to 18% of men.
As well, Millennials are more likely to agree that it is becoming increasingly difficult to make ends meet (71%) and their lifestyle is becoming unaffordable (63%). More of them also agree that the average Canadian can't get ahead in this economy (82%).
Survey Methodology
The Leger Opinion online panel was used to survey 1,542 Canadians over the period of July 2 to 6, 2024. Sampling was done within age, gender and region quotas. The length of the survey was 10 minutes. Data was weighted on age, gender and region according to 2021 census figures. The survey included several open-ended questions to provide an opportunity for Canadians to express their thoughts in their own words.
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Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.
Managing Money • Mar 06
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