Mastercard Is Using Innovation to Empower People and Power Canada's Economy – Canadian Business – How to Do Business Better
Not way back, the phrase “prosperity” might need evoked a picture of monetary safety. But new analysis exhibits Canadians’ perceptions of wealth are altering.
“Factors such as record-high inflation and the shifting nature of work continue to reshape Canadian perspectives on our economy and individual prosperity,” says Sasha Krstic, President of Mastercard Canada. “Canadians’ view of prosperity is evolving in tandem with global challenges and societal shifts.”
Canadians Split on Views of Prosperity
New analysis from Mastercard on Canadians’ financial outlooks reveals polarized views of the nation’s prosperity. Forty-one per cent of Canadians say we’re affluent as a nation, whereas 45 per cent say we aren’t.
But who you might be impacts this notion, Mastercard discovered. Women are much less probably than males to say Canada is prosperous-37 per cent, in comparison with 45 per cent. And lower than half of youth and college students, LGBTQ+ people and disabled Canadians report feeling personally affluent, in comparison with 60 per cent general.
A New Definition of Prosperity
How we outline prosperity is altering, too. “In the face of adversity, Canadians are adopting and reimagining ‘prosperity’ for themselves, their families and for future generations,” Krstic says.
Prosperity isn’t nearly cash, Mastercard discovered. While 46 per cent say “financial stability/economic freedom” is a prime issue influencing private prosperity, different vital elements are much less fiscally targeted. Forty-nine per cent of respondents say well being and well-being are most vital and 39 per cent point out sturdy household and private relationships.
Carving out a brand new path to financial—and general—wellbeing
For instance, Mastercard is aware of small companies are the heartbeat of Canada’s economic system, so the corporate makes important investments to help girls and Indigenous entrepreneurs. In 2021, Mastercard launched the Global Intelligence and Cyber Centre of Excellence, a Vancouver-based expertise and innovation hub targeted on creating options in cybersecurity, AI and different superior applied sciences. Through the Centre of Excellence, Mastercard companions with post-secondary establishments and non-profits to domesticate Canada’s tech pipeline with numerous expertise who won’t in any other case have the chance to construct careers in STEM.
“At Mastercard, we know innovation and technology drive economic growth and can foster inclusivity,” Krstic says. “The stakes to get it right have never been higher. By working together as leaders we can shape the future of the digital economy for the benefit of all Canadians.”
Survey methodology
The Mastercard survey was fielded within the first quarter of 2024. Response knowledge are derived from a consultant pattern of the Canadian inhabitants (N = 1,000) that features an oversample of small business house owners (N= 200). The margin of error for commensurate nationally consultant survey responses is ± 3% on the 95% confidence interval. Results proven are weighted utilizing age and gender demographic indicators from the 2021 Canadian Census.
