Planswell Data: Canadians Prosper Despite Pandemic
Data analysis reveals income, savings, and home values trending up among 100,000 Planswell users
TORONTO, Sept. 23, 2020 /CNW/ - Planswell, the Toronto-based startup delivering free financial plans to users in three minutes, today released findings from aggregated data collected in Canada since 2018 revealing upward trends in income, savings, and home values. The data analysis of 100,000 like users shows an encouraging sign of resiliency among Canadians during the Coronavirus pandemic.
"Like others in the financial space, we were eager to see how Covid would affect the financial wellness of our citizens," said Eric Arnold, Planswell Chief Executive Officer. "In the data, we certainly didn't see the devastating effect we all feared. In fact, it seems Canadians are prospering."
Planswell looked at data from a randomized and anonymized sample of 100,000 financial plans created at Planswell.com since 2018. To build free, actionable financial plans, users spend a few minutes providing information on household income, monthly savings, total investments, home values, mortgage balances, group benefits, smoking status, and more.
From 2018 to 2020, income rose 8.5% and the percentage of income that went into savings rose from 9.5% to 14.5% with the average household now saving $1,739 per month. Although mortgage debt rose 7.4% to $195,857 on average, home values over the period are up 21.4% to $509,352.
Average household assets topped $300k compared to about $200k in 2018, a spike that speaks to Planswell's consumer demographics as the company focuses on outreach to wealth accumulators versus retirees. Arnold pointed out the figures are self-reported by Planswell users who are typically between thirty and 65 years old.
Despite the turbulent and stressful year for working Canadians, the percentage of people with group benefits remained unchanged over the period at just over 74% and smoking rates continued a downward trajectory from 7.9% to 6.2%.
"It's encouraging," Arnold said, "An isolated look at 2,000 plans created over Labour Day weekends in 2019 and 2020 shows a meaningful uptick in the financial health of Planswell users across Canada, contrary to fears when the pandemic began."
About Planswell
Planswell uses proprietary technology to create the most accessible and actionable financial plans in the world, absolutely free. To learn more, visit planswell.com.
SOURCE Planswell
Available For Interviews: Eric Arnold, CEO; Contact: Jennifer Mastrud, Chief Marketing Officer, Planswell, [email protected]
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