MONTREAL, March 31, 2022 (GLOBE NEWSWIRE) -- Hardbacon, a personal finance application used by more than 35,000 Canadians, released today a new survey that reveals that 81% of Quebecers consider that a $500 one-time payout from their provincial government is not nearly enough to compensate for inflation. It also dives into how Quebecers plan to spend their check.
This month, Quebec Premier Francois Legault proposed a $500 credit for Quebecers with incomes under $100,000 with the goal to counter inflation. The majority of Quebecers say that’s not enough. On average, the results show that dissatisfied Quebecers estimate that $1,778.28 is the appropriate amount to offset the annual impact of inflation.
Beyond the amount Quebecers are receiving, they also question who should be receiving it. Some 19.5% of respondents agree that the plan is fair with everyone receiving the same amount, leaving another 80.5% of respondents believing the project is unfair. Digging deeper into the numbers, 64.2% think that it is unfair because the poorest are most affected by inflation, so they should receive the money. Another 16.3% think that since those earning over $100,000 pay more in taxes, they should also get access to the payout.
Quebecers already have plans for their in-coming checks too. The survey shows that 39.3% of people plan to pay off their debt, another 20.4% want to invest their $500, and 20.4% want to save it. Only 19.8% plan to spend their $500 on products or services. Below are top insights on how Quebecers plan to spend their cheques according to the survey.
Key findings on one-time $500 government payout spending
Paying off debt: Respondents will pay off all kinds of debt: Credit card debt (35.9%), past-due bills (24.7%), bank line of credit (12.1%), loans from friends or family (5.1%), credit installment loans (5.1%), private loans (3.5%) and finally, mortgage (3%).
Investing: Respondents plan to invest their $500 in exchange-traded funds (43.7%), Canadian stocks (22.3%), American equities (4.9%), mutual funds (7%), bonds (3.9%), cryptocurrency (4.9%), and gold (1.9%).
Saving Money: Respondents plan to save their $500 in a savings account (41.7%), chequing account (29.1%), guaranteed investment certificate (4.9%), and cryptocurrency (1.9%).
Making Purchases: A majority of respondents said they plan to buy food (53%), spend on fuel and car maintenance (15%), put towards a vacation (4%), spend at bars and restaurants (3%), and buy alcohol (2%).
“Since the beginning of the pandemic, personal finances have never been more important. With so many Quebecers already using Hardbacon to make financial decisions, we thought it was important to do a survey to ask them about what they thought of the government measure to counter inflation,” said Hardbacon CEO, Julien Brault.
For more information, please consult the Hardbacon survey report.
Methodology
This survey was conducted online by Hardbacon from March 25 to March 28, 2022. We surveyed 501 people, all of whom were 18+ and living in Quebec.
About Hardbacon
Hardbacon helps Canadians plan, budget and invest, while also enabling users to compare different financial services such as credit cards, bank accounts, online brokers and robo-advisors. Hardbacon is available for download in the App Store and Google Play Store.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d31f1af3-0fd3-4d56-941e-015ddeab46ae
