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Most Canadians do not shop their financial products

by

Mathieu Carbasse

15 August, 2017 13:30

Photo : Freepik

Then they like to compare the price of their flight or in their hotel room, most Canadians do not do research when it comes to buying financial products. It is in any case that reveals a survey conducted by Ipsos for the account of lowerrates.ca, who shows that consumers use very little Web sites to compare products such as motor insurance, credit cards or even mortgage.

In the framework of this survey, it is Alberta that has the response rate the higher of Canadians who claim to do a lot of research when they buy financial products (45 %), followed by Ontario (41%), the Maritimes (39 %), Saskatchewan and Manitoba (38 %). Quebec (35 %) and British Columbia (31 %) come at the tail end of the ranking.

However, the majority of Canadians say they use comparison sites to search and book their flight (60 %) and hotel (63 %).

«A wide gap»

«The wide gap between Canadians who compare the travel options, and financial products is disappointing,» says Justin Thouin, CEO of lowerrates.ca. Of course, you can save hundreds of dollars on your flight by using comparison websites, but in taking the time to compare your auto insurance or the mortgage loans, the savings can reach thousands of dollars per year, and those savings accumulate over decades. «

The survey also revealed that only 45 % of Canadians make extensive research before to receive a credit card, and 47 % do extensive research before getting a car insurance. In respect of the mortgage loans, 60 % say that they do a lot of research. Worse still, at the time of the renewal of their mortgage, only 42 % of consumers say that they do a lot of research, and 22 % say that they will renew without doing research at all.

The milléniaux in mind

Without surprise, these are the milléniaux who are most likely to do a lot of research when obtaining a credit card (50 %), automobile insurance (52 %) and / or options of a mortgage (48 %). Conversely, baby boomers are the least likely to do research regarding the credit cards (36 %), car insurance (36 %) and mortgage rates (27 %).

«A few months ago, we found that many Canadians do not understand how to operate the financial products of a basis, adds Mr. Thouin. We must therefore ensure that compare financial products become as common as the comparison to flights or hotels. «

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