Home Economics aims to help Canadians navigate their personal finances in the age of social distancing and beyond.

Poll finds 40% of Canadians worried about COVID-19’s impact on their retirement

A poll from CIBC this week revealed four-in-10 Canadians are worried about how COVID-19 will impact their lifestyle in retirement. Nearly one-quarter of respondents said they've been unable to contribute to their retirement nest egg since the pandemic began. The coronavirus, however, has convinced some Canadians about the importance of saving. One-in-five respondents realized they need to pay more attention to their personal finances, while 19 per cent of people polled believe it's important to save for their future.

Toronto landlords offer incentives as rentals cool

If you’re looking to rent a condo in Toronto, now might be a good time to scoop up a unit. Landlords in Canada’s biggest city are dishing out never-before-seen incentives to secure condo tenants as the COVID-19 pandemic weighs on a once highly-competitive rental market. From offering two months of free rent to move-in bonuses, there’s been an effort to make up for lost traffic. BNN Bloomberg’s Anne Gaviola reports that a confluence of events including remote learning, lack of international tourism, and a slowdown in immigration are all contributing factors to the rental-market slowdown.

Canadians’ holiday spending to drop 18% this year, Deloitte says

According to Deloitte’s 2020 holiday retail outlook report, Canadians’ spending this festive season is expected to drop 18 per cent to $1,405 this year. The report also found Canadians plan to allocate more of their holiday budget to online shopping, with 66 per cent of those shoppers expecting to make a purchase on Amazon.com.

Nearly half of employed Canadians are considering leaving their job: Survey

If you didn’t lose your job due to the pandemic, you may be among the lucky ones. Now, nearly half of employed Canadians are seriously thinking about leaving their current position, according to the latest Hays Salary Guide published earlier this week. Some of the reasons cited include a lack of social interaction, increased workloads and inadequate mental health support at work. Hays’ findings revealed that earlier in the pandemic, 81 per cent of employees rated their well-being as "positive.” But as the lockdown unfolded, that number dropped to 64 per cent. Meanwhile, employers are generally feeling good about the labour landscape and the economy. 

A warning about insurance for home renovators 

There’s been a surge in home renovations since the onset of the pandemic, but the investment in your living space could be at risk if renovation plans aren’t included in your home insurance policy, experts warn. The Canadian Press reports that industry experts advise homeowners on what they should know about renovation insurance, including making sure your contractors are covered.

TIP JAR

 “For long-term investors saving for retirement, it’s just noise. What really matters are the latest batch of corporate earnings” – Dale Jackson on why investors should pay little attention to the U.S. election