Saturday, 20 July 2019

Are Canadians doubling-down on digital or in need of a detox? – Yahoo Finance

First-of-its-kind report by Simplii Financial™ explores Canadians’ habits and sentiments in the digital-first era just in time for National Simplicity Day on July 12

TORONTO , July 11, 2019 /CNW/ – In advance of National Simplicity Day on July 12 , Simplii Financial is releasing the first-of-its-kind Deep Dive on Digital Trends in Canada  report, which examines everything from the Canadian sharing economy, to app culture, to Canadians’ online habits and whether digital has simplified our lives for the better.

The Simplii Report 2019 – Deep Dive on Digital Trends in Canada (CNW Group/Simplii Financial)

“Digital is unequivocally driving us to live much different lives than 10 years ago. So we decided to ask how Canadians really feel about digital, and to find out if we can honestly say it is changing our lives for the better,” says Aayaz Pira, Senior Vice-President, CIBC Digital and Direct Banking and Head of Simplii Financial.

The key takeaway from the survey, Pira says, is that “digital is making a positive impact in our lives, but there’s an underlying tension. The vast majority (79 per cent) of Canadians agree that digital tools help simplify their lives yet over half (54 per cent) say they want less tech.”

For Canadians, the most important motivators for using technology are to simplify life (43 per cent) and save time (40 per cent). When asked what they are doing with the extra time, 58 per cent say they spend it using more technology while nearly half report socializing with friends/family (45 per cent) and pursuing a passion, hobby or activity (38 per cent).

According to the data, it is clear that Canadians only double-down on digital when it makes sense for their personal needs and preferences. For example, 57 per cent of Canadians would prefer to email or text versus talk on the phone while only 38 per cent of Canadians would prefer to shop online than in store.

Responses further suggest that if technology doesn’t make sense or create significant value, it’s quickly abandoned or deleted from the home screen. Many say they’re paring back their digital tools, with a majority (69 per cent) having done an “app cleanse.” Nearly half (48 per cent) have less than 20 apps and about the same (46 per cent) say that most apps they download aren’t useful.

Canadians identify digital banking as the tool making the most positive impact in their lives

When asked about which digital tools or services were making the most positive impact in their lives, Canadians identified digital banking (45 per cent) as number one followed by GPS (42 per cent) and online shopping (40 per cent), music and entertainment (39 per cent) and social networking (37 per cent).

Other Key Findings

The sharing economy: 63 per cent of Canadians surveyed want to share more things rather than make new purchases, while half (49 per cent) have used or use a shopping resale platform; and fewer have used or use a rideshare application (23 per cent) or a home sharing app (21 per cent).

Demographic trends: The study found that women are more like to use: social media daily (75 per cent vs. 62 percent for men); share more instead of buy more (68 per cent vs. 57 per cent); undertake do-it-yourself projects using digital tools like YouTube (41 per cent vs. 26 per cent); and incorporate digital into their fitness routines (25 per cent vs. 20 per cent).

Meanwhile, men are more likely to: use the time saved from digital tools to watch TV or listen to music (43 per cent vs. 35 per cent of women); use SMART home devices (twice as a likely); want more technology (52 per cent vs. 40 per cent); and use digital tools to keep up with news (43 per cent vs. 35 per cent).

Boomer Canadians (age 55+) are the most likely to want to decrease their use of tech (64 per cent vs. 52 per cent for GenX (35-54 years)) and 44 per cent for Millennials (18-24 years).  They are also far more likely to want to talk on the phone than text.

Not surprisingly, almost half of Millennials (47 per cent) have used digital tools to call a meal delivery service, make a reservation through an app or cook up dinner with a meal kit subscription. That’s just over 20 per cent higher than Gen X (26 per cent) and more than triple Boomers (14 per cent).

Regionally, the survey found differences in the level of anxiety Canadians feel when separated from their mobile advice. People with the lowest rate of phone separation anxiety are in Atlantic Canada (29 per cent), followed by Quebec (33 per cent) while Saskatchewan has the highest rate (49 per cent).

To read the full report visit: https://mma.prnewswire.com/media/945745/The_Simplii_Report_2019___Deep_Dive_on_Digital_Trends_in_Canada.pdf

About the Deep Dive on Digital Trends Report
The report was compiled using data from an online survey of 3,040 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 1.6%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec , language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

About Simplii Financial™
Simplii Financial is committed to delivering simple, straightforward banking. With a fully mobile experience, nearly 1.8 million clients enjoy no-fee daily banking with no minimum balance and high interest savings rates. Independently named by Forbes as one of the World’s Best Banks in Canada , Simplii delivers a simple and easy way to bank with 24/7 access to online, mobile and telephone banking as well as access to one of the largest national ABM networks through CIBC. Life’s busy. Bank Simplii™. For more information about Simplii Financial please visit www.simplii.com or by following on Twitter @SimpliiFin, Instagram @SimpliiFin or on Facebook.

Simplii Financial (CNW Group/Simplii Financial)

SOURCE Simplii Financial

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2019/11/c6763.html

Source: https://finance.yahoo.com/news/canadians-doubling-down-digital-detox-100300256.html

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