Scotiabank launches Money Style, a tool to help Canadians understand their emotional relationship with money

TORONTO, March 18, 2024

To help Canadians break through these communication barriers, Scotiabank is introducing Money Style by Scotia Advice+, an online tool that helps build financial literacy by focusing on empathy and emotional intelligence when it comes to money.

"Money is a flashpoint in all kinds of relationships," said Tanya Eisener, Senior Vice President, Retail Customer Value at Scotiabank. "It's a topic that easily provokes a range of feelings, which can include judgment and shame, and it can start arguments. Money Style is a unique tool that offers people a starting point to better understand themselves and their loved ones – and we hope that it helps Canadians have healthy and productive conversations about their financial futures."

The Money Style tool draws on real-world scenarios and reveals what basic universal needs may be driving a person's actions, outlooks, and behaviours in money situations. By taking the 15-question quiz, people will learn their dominant Money Style and how it shows up in day-to-day situations.

"Having uncomfortable conversations about money is universal, but the reasons are individual. We all have a unique experience with money, whether formed by society, our families, or socio-economic situations," says Dr. Adam Palanica, Senior Manager of Insights and People Analytics at Scotiabank, who holds a PhD in Cognitive and Behavioural Neuroscience Psychology and has more than a decade of experience in market research and consumer behaviour. "Learning about your Money Style will help you consider how the people closest to you think and feel about money and find some common ground." 

The six Money Styles are:

• Belonging: "Money is a means for me to feel included."
• Certainty: "When it comes to money, I need to feel secure."
• Connection: "Money allows me to show people I care."
• Contribution: "Money enables me to build toward meaningful goals."
• Independence: "When it comes to money, I need to feel free."
• Potential: "The purpose of money is to help me live my best life."

"The latest Scotiabank Worry Poll showed that one in two Canadians are worrying about money an average of 17.7 hours a week. That's the equivalent of a part-time job," says Kingsley Chak, Senior Vice President, Retail Deposits, Savings, and Investments at Scotiabank. "We know that conversations about money can be challenging, but they are so important to have. Money Style by Scotia Advice+ is here to help you gain a deeper understanding of yourself, to in turn prioritize understanding others, and collectively live our best lives, financially and beyond."