New initiative aims to help Canadians navigate money-related stress with empathy and insight
Scotiabank has unveiled a new initiative aimed at improving Canadians' financial literacy and easing the emotional strain often associated with money discussions.
Dubbed Money Style by Scotia Advice+, this innovative online tool is designed to foster understanding and empathy in financial conversations, addressing the common issue of money being a source of conflict in relationships.
A Scotiabank survey highlighted the urgency of such a tool, revealing that nearly half of Canadians experience increased stress due to financial disputes, with 47 percent admitting to repeated arguments over the same money issues with loved ones.
Money Style seeks to mitigate these tensions by enhancing financial literacy through a focus on emotional intelligence.
“Money is a flashpoint in all kinds of relationships,” explained Tanya Eisener, senior vice president, retail customer value at Scotiabank.
She noted the wide range of emotions money discussions can provoke, including judgment and shame, and emphasized Money Style's role in facilitating healthier, more productive financial conversations.
The tool operates by analyzing users' interactions with money through a 15-question quiz, identifying their dominant Money Style, and providing insights into their financial behavior and attitudes.
These styles range from seeking belonging and certainty to striving for independence and potential, offering a nuanced understanding of individuals' financial perspectives.
Adam Palanica, a senior manager at Scotiabank with expertise in cognitive and behavioural neuroscience psychology, underscored the uniqueness of each person's financial experiences, shaped by factors like society, family, and socio-economic background.
“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,” he stated.
Highlighting the significance of Money Style, Kingsley Chak, Senior Vice President, Retail Deposits, Savings, and Investments at Scotiabank, referenced findings from the Scotiabank Worry Poll.
The poll found that Canadians worry about money for an average of 17.7 hours a week, equating to a part-time job's workload.
Chak emphasized the importance of open discussions about money, stating, "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."
Scotiabank's Money Style by Scotia Advice+ emerges as a pivotal resource in navigating the complex emotional landscape of personal finance, offering Canadians a platform to understand their emotional relationship with money and encouraging constructive conversations about their financial futures.
