April 4, 2022 – A new Pollara Strategic Insights survey, conducted on behalf of PayTechs of Canada, reveals that half of Canadians (52%) feel stress when interacting with the financial services sector.. A companion survey found similar stress levels among small business owners (51%), though levels rise among younger, female, and immigrant small business owners – as well as those who operate larger small businesses with 10+ employees.
The majority (54%) of these larger small business owners feel the amount of time they spend dealing with the financial services sector is getting in the way of them actually running and growing their business.
These surveys also looked at possible reforms and found:
- Canadians are most likely to feel they would personally benefit from easier ways to “shop around” to get the best possible rate (75% would benefit), easier ways to transfer money quickly and securely (73%), and tools that help make personalized investment decisions (69%).
- Small business owners are most likely to feel they would benefit from easier ways to “shop around” to get the best possible rate (73% would benefit), better ways to transfer funds between different accounts (68%), and alternatives to credit cards with lower interchange fees for merchants (62%).
These are the key findings of two Pollara surveys conducted on behalf of PayTechs of Canada Association:
- A randomly-selected online sample of 2,001 Canadians 18 years of age or older. As a guideline, a probability sample of this size carries a margin of error of
- A randomly-selected online sample of 600 Canadian small business owners. As a guideline, a probability sample of this size carries a margin of error of
For a detailed summary of the findings from this survey as well as a summary of the agreement and its proposed reforms, please see our report. For PayTechs of Canada’s commentary on the survey, you can read their press release.