So what is the Canadian Dream?
Our friends at Mogo wanted to find out for themselves, and recently carried out a survey with members of the Angus Reid Forum, where they found that Canadians consider financial security and climate health as essential elements of the Canadian Dream.
Financial security certainly helps Canadians pursue their goals, but achieving these goals all starts with access to financial services. As financial technology companies continue to develop innovative tools that empower Canadians to save and invest more, they enable each and every one of us to unlock success and pursue our Canadian Dream.
The financial challenges that we face are different from our parents’ generation, so we need different financial tools. Luckily, we have more financial options available to us than ever before, and when used correctly, they can get us closer to achieving the dream.
Canadian Dream study: Key findings
From an online sample of 1,000 Canadians, the study found a clear picture of the top priorities for Canadians today.
When asked what they think the most important aspect of the Canadian Dream is to them, the number one choice for Canadians was ‘financial security’ (33%). In second place was the ‘freedom to follow personal dreams’ (24%), followed by buying a home (11%) and living without discrimination (11%), with ‘having a family’ coming in last (6%).
Asked what is most important to them personally, 33% of Canadians said, ‘providing for their loved ones,’ followed by ‘enjoying life right now’ (29%), ‘protecting the environment’ (13%) and ‘building wealth’ (11%).
Based on the above, we can see how essential economic stability is for Canadians to achieve what’s important to them.
How can Canadians achieve this dream for themselves?
Financial technology companies exist to make financial services more accessible and affordable for Canadians. With the wide array of tools available, it’s now more possible than ever before for Canadians to achieve their dream. We’re excited about what Mogo’s building to help Canadians gain control over their spending and get on the path to building real wealth—all while helping the planet at same time.
Mogo’s goal is to empower Canadians to build a secure future—both in terms of personal financial security and a healthy planet. And with the help of the MogoCard, it could be easier than ever.
For many Canadians, building wealth to secure a comfortable future is the most important aspect of achieving their Canadian Dream. The path to financial security might include never spending more than you earn, paying down debt fast, and then investing what you don’t spend (but everyone’s circumstances are different).
The MogoCard is here to help Canadians on their journey to financial security. Loading up your MogoCard with the amount of money you know you have available to spend gives you a set spending budget. Plus, you can stay on budget with helpful push notifications that are sent every time you make a purchase. According to another Mogo survey, some MogoCard users reported saving an average of $201 per month just by using their card, and 91% said the card helps them better control their spending.1
That could be put towards an extra debt payment, or a bigger monthly investment.
With financial security and climate health being deeply interconnected, how Canadians manage their money can play a big role in achieving the Canadian Dream. Mindful consumption could help Canadians build wealth responsibly, so you can still live the life you want while saving up for your future (and helping to protect the planet).
This is why Mogo’s built a climate focus into many of their products. Take the MogoCard, for example, for every purchase made with the card, Mogo will plant a tree on your behalf with the help of their friends at veritree. Planting just 10 trees a month could make you climate positive by removing more CO2 from the air than the average Canadian produces. That’s only 10 taps of the MogoCard per month!2 It’s a smart way to spend money while helping to fight climate change.
The Canadian Dream is simple
All of this taken together, the Canadian Dream is a simple one. Canadians want to be able to live comfortably and securely in a healthy climate that doesn’t put them or their families at risk.
These two tenets of the Canadian Dream are deeply interconnected, and access to financial services that help Canadians manage their money plays a central role.
Just like each of us is unique, so are our financial situations. Taking a few minutes to understand the tools and services that are available to us, can set us up for financial success, and maybe even the Canadian Dream.
Mogo Inc. is the parent company of Moka Financial Technologies Inc. (“Moka”), and Mogo Finance Technology Inc. (“Mogo”) is an affiliate of Moka. This blog is provided for informational purposes only, is not intended as investment advice, and is based on findings of a study/survey conducted by Mogo Inc. from September 10-14, 2021, with a sample of 1,000 online Canadians, outside Quebec who are members of the Angus Reid Forum. The study/survey was conducted in English only. The precision of Angus Reid Forum online polls is measured using a credibility interval. In this case, the poll is accurate to within +/-3.1 percentage points, 19 times out of 20. All sample surveys and polls may be subject to other sources of error, including but not limited to coverage error and measurement error. If you want to read more about the key findings of the study, those can be found here.
*Trademark of Visa International Service Association and used under licence by Peoples Trust Company. Mogo Visa Platinum Prepaid Card is issued by Peoples Trust Company pursuant to licence by Visa Int. and is subject to Terms and Conditions, visit mogo.ca for full details. Your MogoCard balance is not insured by the Canada Deposit Insurance Corporation (CDIC). MogoCard means the Mogo Visa Platinum Prepaid Card. To apply for any Mogo product, you must open a MogoAccount and pass identity verification. MogoAccount is currently only available to individuals in Canada (excluding Quebec).
1-Based on an online survey of active MogoCard users by Mogo Inc. conducted between July 13, 2021 and July 16, 2021, with 1,446 respondents to a combination of multiple choice and fillable text box questions. 91% of respondents agreed that the MogoCard can help them better control their spending. 66.5% of respondents reported that they were spending less on discretionary spending now that they were using the MogoCard, with respondents reporting that they believed to have an average savings of $201 per month (based on 902 respondents who specified an amount and excluding 60 respondents who did not specify any amount).
2-An average Canadian emits approximately 42,000 lbs of CO2 in one year. Each tree will absorb approximately 500lbs of CO2 over its lifetime (approximately 25 years). For every purchase made with the MogoCard, a tree will be planted. If you used your MogoCard for 10 purchases each month, 10 trees would be planted. If 10 trees were planted every month for a year, that would be 120 trees, and those 120 trees would absorb a combined total of 60,000 lbs of CO2 over their lifetimes (25 years), making the average Canadian climate positive. Learn more: Blog.