Latest news with #SpringFinancial
National Post
21-05-2025
- Business
- National Post
New Survey Finds 61% of Canadians Are Reconsidering Major Life Decisions Due to Increasing Cost of Living
Article content Article content VANCOUVER, British Columbia — This morning, Canadian fintech Spring Financial released its inaugural Spring Clean Your Finances Report. The report takes a deep dive into how Canadians are approaching big financial goals including emergency funds, retirement savings, major life expenses, and 2025 travel plans. Article content According to the report, over half of Canadians (61%) say that the rising cost of living is making them reconsider major life decisions, a number that's even higher (70%) for parents with kids at home, and a staggering 44% do not believe they will be financially secure in retirement. Article content 'We support millions of Canadians that need financial support, often for unexpected expenses that simply stretch their bank account too far,' shared Tyler Thielmann, President and CEO of Spring Financial. 'To see how many Canadians currently feel unable to save money for an emergency is disheartening which is why we're encouraging Canadians to spring clean their finances this season. This is truly a great time to pause, assess, and make a plan to help set yourself up for a successful financial future.' Article content Detailed report findings include: Article content Saving Stressors Article content 41% of Canadians are not currently able to save money each month after paying for all their necessary expenses. 70% of Canadians have money set aside to use in case of an emergency however 40% of Canadians are financially unable to save enough for an emergency or rainy-day fund. 79% of Canadians feel confident in their financial knowledge and ability to manage their money. Article content Vacation Reservations Article content Over half of Canadians (61%) are planning to cut back on vacations or travel this summer. One fifth (20%) of Canadians shared that they have taken on debt specifically to fund a vacation before. Over one quarter (37%) of parents with children at home have taken on debt specifically to fund a vacation before. Article content Risky Retirement Article content Just over half of Canadians (54%) believe they will be financially secure in retirement. Millennials (50%) and Gen X (52%) are the most likely to feel financially unprepared for retirement Baby Boomers (68%) and Gen Z (53%) are most likely to feel financially prepared for retirement. Article content Parenting Pressure Article content Parents with kids at home are less likely to: Article content have a budget (60% vs. 64%) be able to put money away each month (53% vs. 61%) have an emergency fund already set aside for unforeseen expenses (64% vs. 72%), and be able to save emergency fund money every month (51% vs. 63%). Article content 'For anyone looking to review their finances, we recommend starting with an assessment of your current financial situation and goals,' added Thielmann. 'Reviewing your income and expenses, creating a budget, and planning for major expenses –whether that's travel, buying a home, or building an emergency fund– can help build a strong foundation for your financial future.' Article content For more information about this report, visit Article content These findings are from a survey conducted by Spring Financial from March 13th to March 17th, 2025, among a representative sample of 1,500 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points 19 times out of 20. Article content Spring Financial provides Canadians with quick access to financing. With a convenient process that can be done entirely on your device, Spring Financial is an easy and technologically advanced solution to securing a loan when the need arises. Customers are given the best-fit option from a suite of financial products that are designed and offered based on their profile. Spring Financial makes borrowing smarter, more transparent and more efficient. Since launching in 2014, Spring Financial has become one of the largest fintech companies in Canada with over two million applicants and 350,000 funded loans. To learn more about Spring Financial, visit Article content Article content Article content Article content Article content Contacts Article content Article content
Toronto Star
27-04-2025
- Business
- Toronto Star
New brands, recipes and habits: How grocery shoppers are standing up to the U.S.
Canada's trade war with the U.S. has had a swift impact on grocery stores, with companies putting up maple leaf tags on shelves, shifting their product mix and highlighting local items. It has also mobilized many Canadians to change how they shop, and in some cases forgo their preferred products to support domestic companies. Data show a lot of people are jumping on the trend. According to NielsenIQ, around a third of respondents to a March survey were entirely boycotting U.S.-made products regardless of availability or price. Meanwhile, a survey by Spring Financial found four in five Canadians are making a conscious effort to buy more Canadian-made products. ARTICLE CONTINUES BELOW Here's how shoppers are responding to the trade war at the grocery store. Canada first For many, it's Trump's comments about taking over Canada that prompted the change. 'The threat of tariffs was one thing. The 51st state conversations that we've been hearing, that is ultimately what was the main driver,' said Ottawa resident Tova Larsen. 'Because this becomes an existential threat to Canada.' Larsen said she's also concerned about food safety, noting the cuts to the Food and Drug Administration in the U.S., which oversees the safety of food and other products. 'It's turning Canada from an American cousin into an American enemy or an American target,' said Alex Burton in Vancouver, B.C. 'If my choice was between an apple from Washington and an apple from New Zealand, I would have always chosen the apple from Washington because it's closer and environmentally better. Now, I'm not doing that,' he said. Irene Carroll in Toronto found herself struck by reading about the potential economic impact of buying Canadian. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'Before I would just look at what was on sale and put it in a shopping cart, not really paying attention as to where the product came from. But as soon as the tariffs hit ... I took that a lot more seriously,' she said, adding she's discovered some new favourite products as a result. Though some items are more expensive, Montrealer Jean-Francois Denault said he's found himself doing more research online to find good, affordable alternatives, and he's also stumbled on some gems. Denault said he's noticed his local grocer replacing some U.S.-made items with local or international alternatives, helping him make the shift. No more cross-border trips For some, buying Canadian means giving up cross-border shopping. Stephen Liard moved to Niagara Falls, Ont., in his retirement partly because of its proximity to the border. He would often drive over to get a better price on gas, have parcels shipped to the U.S., or go shopping for spices and other products he couldn't find in Canada. But Liard found Trump's '51st state' comments disrespectful and is no longer crossing the border to shop. 'Are there a few things that I miss? Sure,' he said. 'But you turn around and you say to yourself, I'm just going to make a stand on principle.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Donna Jenkins, who hails from Georgia but has lived in Canada for 27 years, said she's disappointed in her home country, and won't cross the border anymore. 'I'm doing without a lot of my American products,' she said. 'We're strictly Canadian or Mexican, or, you know, any other ally. We're not buying anything American.' Drawing the line Many shoppers said they don't mind buying products made in Canada by American companies because they still feel they're supporting Canadian jobs and the domestic economy. 'I don't want to cost anybody jobs,' said Carroll. 'So if we have a product that is coming here and we are mashing it, smashing it, bottling it, whatever, a good portion of that, I believe, is still made in Canada.' Jenkins agreed: 'If it employs a Canadian, I buy it.' But as shoppers pay more attention to labels, some have found the variety of phrasing confusing. The 'Product of Canada' and 'Made in Canada' descriptors must meet specific Canadian Food Inspection Agency guidelines, but other phrases like 'Proudly Canadian' or 'Packaged in Canada' leave some consumers scratching their heads. 'As I pay more attention to the labels, I find them a little bit more confusing, and I find there is a lack of standardization around some of them,' said Denault. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Carroll said she's found a Facebook group that crowdsources Canadian-made product recommendations, which has helped her make decisions at the grocery store. Larsen said she's become more focused on eating seasonally, and has turned to new recipes as a result. For example, she's drawing upon northern and eastern European recipes for inspiration on how to use root vegetables during the colder months, and is using Canadian-grown greenhouse vegetables like cucumbers and peppers for Mediterranean dishes. Stretching the budget Some shoppers said boycotting American products has resulted in a costlier grocery bill, like the food Larsen buys for her cat. 'They really are enjoying their new diet, but ... it's easily 25 to 30 per cent more expensive to choose the Canadian option,' she said. Burton said he notices the difference at the cash register. 'Every time I'm checking out, I'm paying more. And frankly, I'm OK with that,' he said. Liard agreed. 'As a Canadian I said, you know what? It might cost me a few dollars extra, but I am no longer willing to go across and support American business at the expense of Canadian business,' he said. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW In it together Burton said he thinks the shift in the Canada-U.S. relationship is going to have a lasting impact regardless of where Trump takes his trade policy next. 'Even if this passes, there's now a generation of people who will have that imprinted on our collective memories, and it will affect our behaviour,' he said. The trend has also created a sense of togetherness and camaraderie, the shoppers said, and not just among family and friends. 'Complete strangers standing in line for the cash register at the grocery store are talking about it. People in the aisles, in the produce section, are looking at labels consciously, and then they'll say to a stranger, 'Oh, these are from Guatemala, they're great to buy. Or, this is from the U.S. Don't touch those,'' Liard said. 'People are taking a co-operative, communal approach to this.' This report by The Canadian Press was first published April 27, 2025.
Calgary Herald
27-04-2025
- Business
- Calgary Herald
How Canadians are standing up to the U.S. and Trump's tariffs in the grocery aisles
Canada's trade war with the U.S. has had a swift impact on grocery stores, with companies putting up maple leaf tags on shelves, shifting their product mix and highlighting local items. Article content It has also mobilized many Canadians to change how they shop, and in some cases, forgo their preferred products to support domestic companies. Article content Data show a lot of people are jumping on the trend. According to NielsenIQ, around a third of respondents to a March survey were entirely boycotting U.S.-made products regardless of availability or price. Meanwhile, a survey by Spring Financial found four in five Canadians are making a conscious effort to buy more Canadian-made products. Article content Article content Article content 'The threat of tariffs was one thing. The 51st state conversations that we've been hearing, that is ultimately what was the main driver,' said Ottawa resident Tova Larsen. 'Because this becomes an existential threat to Canada.' Article content Larsen said she's also concerned about food safety, noting the cuts to the Food and Drug Administration in the U.S., which oversees the safety of food and other products. Article content Article content 'If my choice was between an apple from Washington and an apple from New Zealand, I would have always chosen the apple from Washington because it's closer and environmentally better. Now, I'm not doing that,' he said. Article content Article content 'Before, I would just look at what was on sale and put it in a shopping cart, not really paying attention as to where the product came from. But as soon as the tariffs hit … I took that a lot more seriously,' she said, adding she's discovered some new favourite products as a result.
Vancouver Sun
27-04-2025
- Business
- Vancouver Sun
How Canadians are standing up to the U.S. and Trump's tariffs in the grocery aisles
Canada's trade war with the U.S. has had a swift impact on grocery stores, with companies putting up maple leaf tags on shelves, shifting their product mix and highlighting local items. Article content It has also mobilized many Canadians to change how they shop, and in some cases, forgo their preferred products to support domestic companies. Article content Data show a lot of people are jumping on the trend. According to NielsenIQ, around a third of respondents to a March survey were entirely boycotting U.S.-made products regardless of availability or price. Meanwhile, a survey by Spring Financial found four in five Canadians are making a conscious effort to buy more Canadian-made products. Article content Article content Article content 'The threat of tariffs was one thing. The 51st state conversations that we've been hearing, that is ultimately what was the main driver,' said Ottawa resident Tova Larsen. 'Because this becomes an existential threat to Canada.' Article content Larsen said she's also concerned about food safety, noting the cuts to the Food and Drug Administration in the U.S., which oversees the safety of food and other products. Article content Article content 'If my choice was between an apple from Washington and an apple from New Zealand, I would have always chosen the apple from Washington because it's closer and environmentally better. Now, I'm not doing that,' he said. Article content Article content 'Before, I would just look at what was on sale and put it in a shopping cart, not really paying attention as to where the product came from. But as soon as the tariffs hit … I took that a lot more seriously,' she said, adding she's discovered some new favourite products as a result.
National Post
27-04-2025
- Business
- National Post
How Canadians are standing up to the U.S. and Trump's tariffs in the grocery aisles
Canada's trade war with the U.S. has had a swift impact on grocery stores, with companies putting up maple leaf tags on shelves, shifting their product mix and highlighting local items. Article content It has also mobilized many Canadians to change how they shop, and in some cases, forgo their preferred products to support domestic companies. Article content Data show a lot of people are jumping on the trend. According to NielsenIQ, around a third of respondents to a March survey were entirely boycotting U.S.-made products regardless of availability or price. Meanwhile, a survey by Spring Financial found four in five Canadians are making a conscious effort to buy more Canadian-made products. Article content Article content 'The threat of tariffs was one thing. The 51st state conversations that we've been hearing, that is ultimately what was the main driver,' said Ottawa resident Tova Larsen. 'Because this becomes an existential threat to Canada.' Larsen said she's also concerned about food safety, noting the cuts to the Food and Drug Administration in the U.S., which oversees the safety of food and other products. Article content 'It's turning Canada from an American cousin into an American enemy or an American target,' said Alex Burton in Vancouver, B.C. Article content 'If my choice was between an apple from Washington and an apple from New Zealand, I would have always chosen the apple from Washington because it's closer and environmentally better. Now, I'm not doing that,' he said. Article content Article content Article content Irene Carroll in Toronto found herself struck by reading about the potential economic impact of buying Canadian. Article content 'Before, I would just look at what was on sale and put it in a shopping cart, not really paying attention as to where the product came from. But as soon as the tariffs hit … I took that a lot more seriously,' she said, adding she's discovered some new favourite products as a result.
