Scotiabank launches Money Style, a tool to help Canadians understand their emotional relationship with money
- New research reveals that nearly half of Canadians have had the same argument about money multiple times with loved ones
- Money Style, a new tool and quiz available through Scotia Advice+, aims to help Canadians have more insightful conversations about money
TORONTO, March 18, 2024 /CNW/ - A recent survey by Scotiabank reveals that nearly half of Canadians say arguing about money is adding increased stress to their lives, with 47 per cent reporting that they have had the same argument about money with loved ones more than once.
To help Canadians break through these communication barriers, Scotiabank is introducing Money Style by Scotia Advice+, an online tool that helps build financial literacy by focusing on empathy and emotional intelligence when it comes to money.
"Money is a flashpoint in all kinds of relationships," said Tanya Eisener, Senior Vice President, Retail Customer Value at Scotiabank. "It's a topic that easily provokes a range of feelings, which can include judgment and shame, and it can start arguments. Money Style is a unique tool that offers people a starting point to better understand themselves and their loved ones – and we hope that it helps Canadians have healthy and productive conversations about their financial futures."
The Money Style tool draws on real-world scenarios and reveals what basic universal needs may be driving a person's actions, outlooks, and behaviours in money situations. By taking the 15-question quiz, people will learn their dominant Money Style and how it shows up in day-to-day situations.
"Having uncomfortable conversations about money is universal, but the reasons are individual. We all have a unique experience with money, whether formed by society, our families, or socio-economic situations," says Dr. Adam Palanica, a senior manager at Scotiabank with a PhD in cognitive and behavioural neuroscience psychology. "Learning about your Money Style will help you consider how the people closest to you think and feel about money and find some common ground."
The six Money Styles are:
- Belonging: "Money is a means for me to feel included."
- Certainty: "When it comes to money, I need to feel secure."
- Connection: "Money allows me to show people I care."
- Contribution: "Money enables me to build toward meaningful goals."
- Independence: "When it comes to money, I need to feel free."
- Potential: "The purpose of money is to help me live my best life."
"The latest Scotiabank Worry Poll showed that one in two Canadians are worrying about money an average of 17.7 hours a week. That's the equivalent of a part-time job," says Kingsley Chak, Senior Vice President, Retail Deposits, Savings, and Investments at Scotiabank. "We know that conversations about money can be challenging, but they are so important to have. Money Style by Scotia Advice+ is here to help you gain a deeper understanding of yourself, to in turn prioritize understanding others, and collectively live our best lives, financially and beyond."
Learn more about the Money Style by Scotia Advice+ tool at www.scotiabank.com/moneystyle.
Scotiabank's vision is to be our clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. Guided by our purpose: "for every future," we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2024), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on X @Scotiabank.
In September 2023, Scotiabank started developing the Money Style quiz and six Money Styles, after consulting published research on the psychology of money and consulting with academic and clinical experts on the nature of arguments that people tend to have about money. In January 2024, Scotiabank, Maru Public Opinion and Maru/Blue conducted an examination of the conversations Canadians have around money, including how often, how positive or negative they are, how it makes them feel, and if they believe they are equipped to handle it. The Maru Public Opinion online survey for Scotiabank interviewed 1,520 randomly selected Canadian adults who are Maru Voice Canada panelists on January 16, 2024 and is weighted to represent the Canadian adult population with an estimated margin of error of +/- 2.5%, 19 times out of 20.
From January 24 to 25, 2023, an online survey of 1,505 randomly selected Canadian adults who are Maru Voice Canada panelists was conducted by Maru/Blue on behalf of Scotiabank. The overall data is weighted by age, gender, and region to be representative of the Canadian adult population. Discrepancies in or between totals are due to rounding.
SOURCE Scotiabank
For media inquiries only: Sarah Alexieff, Global Communications, Scotiabank - sarah.alexieff@scotiabank.com; Kaitlyn Vian, PR Specialist, Rethink - kaitlyn.vian@rethinkideas.com.
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