Survey by Symple Loans Reveals Canadians are Feeling Squeezed – with Fifty-Five per cent of Canadians Saying They Can’t Keep up With Everyday Costs.
TORONTO, May 8, 2023 – Today new survey data released by Symple Loans revealed for over three-quarters (74%) of Canadians, the rising costs of living is causing more stress and anxiety than it used to cause. With more than half (55%) of Canadians saying they can’t keep up with the increased costs of everyday needs such as food, clothing, and other daily expenses.
In addition, the data shows that almost 6 in 10 (59%) Canadians can no longer afford many of the important experiences they used to like travel, home improvements, car purchases and education – a reminder that tightening expenses and watching spending is not just impacting everyday items.
However, while Canadians are feeling anxious with the rising costs of living and high inflation the survey pointed to Canadians taking a pragmatic attitude towards how and where they spend their hard-earned money – with two thirds (64%) of Canadians saying they won’t take out a loan to pay for a large purchase that they could not afford otherwise.
“Increasingly, Canadians are taking a very cautious approach to both their spending and their borrowing. They’re buckling down on their finances, focusing on the rising costs of everyday living expenses like at the grocery store and gas pump and being selective about spending on bigger ticket expenses like home improvements and travel,” said Jennifer Bovaird, Head of Marketing and Customer Service at Symple Loans.
The recent study conducted by Leger on behalf of digital lender Symple Loans which surveyed 1515 consumers on their attitudes and sentiments toward the rising costs of living found a good portion (39%) of Canadians agree they are not able to keep up with their debt due to high interest rates and that they would consider getting a personal loan at a lower interest rate – a signal that Canadians will invest their hard earned money if they see value.
Says Bovaird, “It comes as no surprise that with rising rates and high inflation Canadians are looking for more value and flexibility when it comes to borrowing. We’re seeing this in our own business with a growing number of customers moving their balances from high interest rate credit card and loan products to a lower interest rate loan from Symple – which can save customers thousands of dollars over the term of their loan.”
To satisfy the portion of Canadians (30%) who would consider taking out a personal loan at a lower interest rate, Symple offers personal loans with variable rates starting as low as 6.99% and better loan terms of up to $50,000 for up to seven years and with no penalties or fees for early repayments, Symple customers can pay off their loans faster and with less cost over time.
Since launching in Canada in 2021, Symple is filling a gap in the Canadian market to serve an often-overlooked segment; consumers with strong credit in the prime and super-prime space who are looking for alternatives to the big banks and fintech companies.
“Symple’s mission is to help lower the cost of borrowing for Canadians by delivering a faster, easier, low-cost personal option for Canadians. “We use supplemental data sources, which are often overlooked or excused in traditional credit risk loan models, to create a more complete picture of a borrower’s financial and employment situation for a more personalized loan offer,” says Bovaird.
For additional regional survey results (Alberta, Atlantic Canada, British Columbia and GTA) contact Tara Peever [email protected].
About the Research
This survey was conducted within Canada by Leger, the largest Canadian-owned polling, market research and analytics firm on behalf of Symple Loans. It is based on an online survey of 1515 Canadians, 18+ from across Canada using Leger’s online panel. No margin or error can be associated with a non-probability sample (i.e. in this case a web panel). For comparative purposes, a probability sample of 1515 respondents would have a margin of error of +2.5%, 19 times out of 20. The survey was conducted between April 21, 2023 and April 24, 2023.
About Symple Loans
Symple Loans launched in Canada in 2021 and is based in Toronto, Ontario, Canada. The company uses its state-of-the-art digital lending platform, advanced analytics, and global best practices to offer unsecured personal loans funded by institutional investors. Symple Loans is a subsidiary of Latitude Group Holdings Limited (ASX: LFS) a leading consumer finance business in Australia, New Zealand, and Canada, offering 2.6 million customers a broad range of finance products including personal loans, credit cards, insurance, and interest-free promotional and retail offers. Visit Sympleloans.ca for more information.
For further information: Tara Peever, Director of PR, Symple Loans, [email protected]