Scotiabank launches Sleep Advisor tools, helping put Canadians' financial and investment worries to bed

TORONTO, Jan. 17, 2022 /CNW/ - Scotiabank introduces Sleep Advisor by Scotia Advice+ – a series of investment tools including a Sleep Advisor hotline and online Sleep Advisor Hub on the Advice+ Centre, designed to help ease Canadians' worries about their investments and help them get a better night's sleep. The new tools arrive in time to combat Blue Monday, which marks the lowest points of the year for many and when financial stress makes for more sleepless nights.

A recent Scotiabank Worry Poll revealed that 3 out of 4 Canadians (75%) are spending, on average, 10 hours a week worrying about their finances. The results also showed that this is particularly impacting younger Canadians between the ages of 18-34, who are worrying an average of 12 hours per week, compared to those who are aged 55+ who worry just 6 hours per week.

"We've all been there – it's 2 am and you're staring at the ceiling, worrying whether you're investing enough for your future. Knowing that Canadians, and especially younger Canadians, are losing sleep over their investments is concerning, and that's why we created the Scotiabank Sleep Advisor tools so Canadians can rest easy knowing Scotia Advisors have their backs," said D'Arcy McDonald, Senior Vice President, Payments and Unsecured Lending at Scotiabank. "We know that when Canadians work with an advisor they are less likely to worry about their finances. Even that initial consultation can be indispensable in helping them have that worry-free sleep."

The new Sleep Advisor tools by Scotiabank Advice+ include:

• Sleep Hotline: Canadians shouldn't lose sleep over their investments, so we created the hotline 1-833-SLE-EEEP to support their financial peace of mind and help them sleep better. During the day, they can call to receive banking advice on the phone or book an appointment with a Scotia Advisor for a tailored Advice+ Plan. The hotline is also filled with a few surprises to make the experience less stressful, including unique daytime and nighttime meditations. At night, customers can book an appointment to get advice or listen to a guided meditation if what they really need is something to soothe their financial worries and help them get to sleep.
• Sleep Advisor Hub: Whether it is a question about RRSPs, TFSAs, mutual funds, GICs, or other investment options, Canadians can search the updated Advice+ Centre on Scotiabank.com, where the articles and FAQs have been reorganized based on a customer's life stage, so it is easier to find the investment advice that is most relevant to them.

A recent survey by Scotiabank found that the majority of Canadians said they have basic or average investment knowledge (64%) and just over half (56%) can confidently explain the difference between a Registered Savings Plan (RSP) and Tax-Free Savings Account (TFSA) to their friends.  

Regionally, residents of Alberta (21%) are more likely to describe their investment knowledge as exceptional or proficient, in comparison to residents of Quebec (9%) and the Atlantic provinces (6%).

31% of Canadians aged 18-34 say thinking about how much they will need for retirement keeps them up at night.

36% of Canadians said that they are hesitant to invest right now due to the rising cases of Omicron variant.

The top questions keeping Canadians up at night are how much they'll need for retirement (21%), how do they grow their investments (17%) and where do they start (11%).

Scotiabank's Sleep Advisor tools can help customers on a wide range of financial issues, across three main areas:

1. Getting started – Simple step-by-step guides to financial planning, investing, budgeting and more
2. Planning for life – Finding the right financial advice for what is happening in your life today, such as retirement, becoming parents, or starting a business
3. Banking 101 – Learning more about common banking tasks and products from Scotia's finance experts

Methodology

These findings were gleaned from two recently conducted national surveys conducted by Maru Public Opinion– one of 1,510 (October 12-13, 2021) and the other of 1,513 (January 7, 2022) randomly selected Canadian adults. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. Discrepancies in or between totals are due to rounding. Detailed findings can be found at Canadian Public Opinion Polls | Maru Group

About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, 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 a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as of October 31, 2021), 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 Twitter @ScotiabankViews.

SOURCE Scotiabank

For Media Inquiries Only: Alen Sadeh - Scotiabank, Global Communications and Social Impact, [email protected]; Alex Mitchell - Hill+Knowlton Strategies, 236-622-2530 | [email protected]