Scotiabank (TSE: BNS) introduced Sleep Advisor by Scotia Advice+ on Monday.
This set of investment tools includes a Sleep Advisor hotline and online Sleep Advisor Hub on the Advice+ Centre to help Canadians worry less about their investments and sleep better.
These new tools come at the right time to counter Blue Monday, the most difficult time of the year for many people, when the nights of insomnia caused by financial stress are more numerous.
According to a recent Scotiabank Worry Poll, three out of four Canadians (75%) spend an average of 10 hours a week worrying about their financial situation.
Young Canadians aged 18 to 34 are particularly affected since they worry 12 hours a week on average, compared to six hours a week for people aged 55 and over.
Management Commentary
“We’ve all been there – it’s 2 am and you’re staring at the ceiling, worrying whether you’re investing enough for your future. Knowing that Canadians, and especially younger Canadians, are losing sleep over their investments is concerning, and that’s why we created the Scotiabank Sleep Advisor tools so Canadians can rest easy knowing Scotia Advisors have their backs,” said D’Arcy McDonald, SVP, Payments and Unsecured Lending at Scotiabank.
“We know that when Canadians work with an advisor they are less likely to worry about their finances. Even that initial consultation can be indispensable in helping them have that worry-free sleep.”
Wall Street’s Take
Two weeks ago, RBC Capital analyst Darko Mihelic kept a Buy rating on BNS with a price target of C$99. This implies 6.9% upside potential.
The rest of the Street is bullish on BNS with a Strong Buy consensus rating based on six Buys and two Holds. The average Bank of Nova Scotia price target of C$92.48 implies 0.2% downside potential to current levels.
TipRanks’ Smart Score
BNS scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market.
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Scotiabank Survey: Financial Worries Keep Canadians Awake
BMO Survey: Cash is Popular in TFSAs
