Pattie Lovett-Reid: Some Canadians consider moving back with parents amid financial pressure
Canadians more optimistic about managing debt: MNP survey
Canadians are increasingly optimistic about their personal financial situations, with 61 per cent of respondents in a MNP Ltd. survey expressing confidence they can afford living expenses for the next 12 months without going further into debt. The number of respondents describing their current debt situation as "excellent" jumped five points compared to the beginning of the COVID-19 pandemic. CTV chief financial commentator Pattie Lovett-Reid breaks down the survey results, and cautions that this could be the calm before the financial storm.
Expert advice for retirement savings is changing
Some financial experts say the go-to rules for traditional retirement investing no longer apply. According to certified financial planner Liz Schieck said a tax-free savings account (TFSA) has become a better option for young Canadians who may need to dip into savings before their retirement years. "I think it's 100 per cent that most people from previous generations, they didn't have the TFSA," she said of younger investors’ willingness to embrace the strategy.
Fear you’ll get laid off? Here’s how to prepare
If you fear your job is at risk as workplaces worldwide reel from the COVID-19 fallout, there are ways to minimize the damage. As Suzanne Woolley and Jack Pitcher of Bloomberg News explain in their report, being laid off will hurt no matter what, but there are practical steps you can take to soften the blow. They also say to avoid pitfalls, like not knowing workers’ rights or unemployment realities, and resist the urge to say: ‘You can’t fire me. I quit.’
Canadians cut back on non-essential spending
Even though many provinces are easing COVID-19 related shutdowns, more than two-thirds of Canadians are still spending less on non-essential items. According to a new Angus Reid Institute poll, Canadians are placing a priority on necessities like groceries while frivolous purchases like restaurant meals. The study also found that Canadians across all income brackets agree that now is not the time to make major purchases like homes.
Couples get creative with tech to celebrate COVID-era weddings
While the COVID-19 pandemic has wreaked havoc on the wedding plans of many Canadian couples, some are finding ways to share the magic virtually or at a distance. Audrey Carleton of The Canadian Press outlined what some couples have in store for their socially-distant weddings, including Facebook Live streams and pre-prepared meals sent to guests.
"You really want to take some of this excess cashflow [being saved] and use it to the best way possible. And some of that is to really get a handle on some of that debt and to understand what the long-term savings can be around debt reduction." —Robyn Thompson, president, Castlemark Wealth Management
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