The vast majority of Canadians (81%) continue to use cash and debit cards for their day-to-day spending, while cheque use is in decline (55%), according to a poll conducted for Bank of Montreal (BMO).

The survey noted that in the past two years, the use of electronic funds transfers has increased by 34%.

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The survey also revealed:

  • Most Canadians (60%) use cash for their day-to-day spending such as lunch and coffee;
  • 48% said that they are more likely to use a debit card for household expenses, such as groceries, gas and drug store purchases;
  • 47% indicated that they use a credit card for merchandise such as clothing, while 75% use credit cards for ‘big-ticket’ purchases, such as travel and furniture;
  • Men are more likely to say that they have increased their use of electronic fund transfers compared to women (38% versus 30%);
  • Those 35 and older are more likely than those 18-34 to pay their bills through electronic funds transfer (67% versus 51%), and
  • Those 45 and older are more likely to use cash for their day-to-day spending compared to those under 44 (68% versus 50%).

Su McVey, vice president, BMO Bank of Montreal, said:

"Whether they’re browsing the web for deals, paying utility bills or simply re-stocking the house with groceries, convenience appears to be the number one driver for Canadians when it comes to how they make purchases."

McVey flagged up BMO’s launch of BMO MoneyLogic – a free, online tool linked to BMO bank accounts, lines of credit and BMO

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MasterCard accounts – in January to help Canadians track their spending and savings.

"It’s proven wildly successful in a very short time, with over 200,000 online banking customers using the tool since its launch," said McVey.

BMO’s MoneyLogic offering follows the successful launch last June of rival Royal Bank of Canada’s myFinanceTracker programme.