Some credit card holders struggled to make payments in May and June
 
Nearly one-quarter major credit-card company customer swere unable to keep up with their monthly payments in May and June, according to a survey by J.D. Power. The report comes as many Canadians continue to have their work lives disrupted by the COVID-19 pandemic. Indeed, another poll by insolvancy firm MNP found that 43 per cent of Canadians say they are still facing employment issues, either from a layoff or reduced pay. Nearly half of respondents to MNP's poll said they plan to take on more debt once financial aid runs dry.
 
'Portfolio therapy' not the answer for stressed out investors
 
If the COVID-19 pandemic has you stressed out about your investments, you're not alone. A survey conducted for the Ontario Securities Commission (OSC) last month found that almost half, or 47 per cent, of retail investors in the province are experiencing increased levels of stress as a potential second wave of the pandemic looms.  The OSC warns stress can dramatically affect investment decisions by either opting to stay out of the market or selling potentially lucrative investments. BNN Bloomberg personal finance columnist Dale Jackson says “portfolio therapy” isn’t the answer when markets are down.
 
Setting financial goals by taking cues from your fitness routine
 
Everyone's financial goals are different, but we can all benefit from a direct road map to get to where we want to be. CTV's Chief Financial Commentator Pattie Lovett-Reid says it might help to start thinking about your financial targets the same way you think about fitness objectives. She suggests creating goals that excite you while focusing on making ongoing incremental steps to keep you motivated until you reach your goal.
 
Millennials eager to buy homes amid low-rate environment
 
Young Canadians have become increasingly optimistic about the housing market during the pandemic, according to a survey by Scotiabank. The poll finds that about one-in-five Canadians between the ages of 18 to 34 have accelerated their home ownership plans amid lower interest rates. The Bank of Canada has recently stated interest rates could remain on hold until at least 2023. The younger cohort is also more hopeful about home prices falling within the next year (36 per cent) compared to 17 per cent of respondents over 55, the survey found.
 
Manulife launches COVID-19-related travel insurance
 
As many passengers are frustrated about the lack of refunds they're able to receive from airlines for cancelled trips, Manulife unveiled COVID-19 insurance for Canadians travelling internationally and domestically. The new policy will be launched in October and provide emergency medical coverage in case a traveller contacts the coronavirus or other related conditions. The plan includes medical coverage for up to $200,000 for COVID-19 if a claimant tests positive, as well as emergency air transport to return home.
 

TIP JAR

“Get the help – now’s the time to do it. Don’t wait until the CERB runs out.” - CTV’s Chief Financial Commentator Pattie Lovett-Reid on when to seek financial help as COVID aid winds down


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