What would you do if you found $150? Most Canadians wouldn't spend it: Scotiabank poll

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May 23, 2013, 13:32 ET

TORONTO, May 23, 2013 /CNW/ - Found money is often thought of as those discoveries between the couch cushions, the car seats or a lucky find on the street. According to a Scotiabank poll, most Canadians said if they received $150, they would either save it for something specific (50%) or use it to pay down debt (31%). If they received a smaller windfall like $20, they are more likely to spend it (41%).

Scotiabank Cash Back programs provide the ultimate in found money with an average cash back amount of $150 (Scotia^® Moneyback^™Debit card) or $300 (Scotia Momentum VISA Infinite^*card) per year - with the potential to earn more by making routine purchases using a debit card or credit card.

Quick Facts

The poll also revealed that 4-in-10 Canadians (41%) receiving $20 would spend it right away; however, if the amount increased to $150, half said (50%) they would save it for something specific, and 31% said they would use it to pay down debt.
Specific to cash back rewards, if the amount increased to $500, 46% of Canadians surveyed say they would save it, and 43% would use it to pay down debt, while only 8% of Canadians would spend it right away.
The Scotia Moneybackbank account helps account holders earn on average $150 per year.

Cash back rewards are paid annually and deposited into the Scotia Moneyback account.
For more information about the Scotia Moneyback Debit card click here.

The Scotia MomentumVISA Infinite card helps card holders earn on average $300 per year.

Cash back rewards on all Scotia Momentum VISA products are paid annually as a credit towards their next statement. Scotiabank bank account holders can opt to have their cash back rewards redirected to their bank account to use as they wish.
For more information about the Scotia Momentum VISA Infinite card click here.

Quotes

"For more than half of Canadians, finding $20 or less is exciting enough to tell someone about - and we are seeing Scotia Moneyback account holders finding on average $150 annually through our one of a kind cash back debit program - Canada's only way to earn cash back using a debit card and you can 'find' even more by using a Scotia Momentum VISA card too. Anyone can take the luck out of finding money by choosing banking products that reward you with cash back for everyday spending."

Mike Henry, Senior Vice President, Retail Deposits and Payments at Scotiabank

About the polling data
Using Harris/Decima's proprietary panel of Canadians, a total of 1,005 completed surveys were collected from a random sample of panel members across Canada. The study was conducted from March 5-12, 2013. To qualify, respondents must have, ever, found money such as loose change or bills.

About Scotiabank
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 82,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $736 billion (as at January 31, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

Image with caption: "What would you do if you found $150? Scotiabank conducted a poll asking Canadians where they find money unexpectedly and what they would do with the extra cash. (CNW Group/Scotiabank)". Image available at: http://photos.newswire.ca/images/download/20130523_C9551_PHOTO_EN_27003.jpg

SOURCE: Scotiabank