Financial Challenges of The Pandemic: A Yearly Review

We all have faced financial challenges during COVID, but do we know how common our challenges were across Canada? In our Instagram Live at 5, we hosted Tamesha to discuss the study FP Canada has done to assess the financial challenges of COVID and its implications on our community.

What financial challenges have Canadians faced during the past year?

34% of Canadians say their household expenses have increased in the past 12 months and 24% haven’t been able to save money according to the newest FP Canada Survey. In addition, 40% of Canadians who had jobs at the outset of COVID faced job loss, a pay cut or reduced work hours. Despite the government relief programs, Canadians faced difficulties to stay afloat.

Unfortunately, the pandemic has taken a greater toll on women who are taking over more household and childcare responsibilities compared to their male partners.

How can we get over challenges?

1. Networking:

Networking within your community and your profession can lead you to your next big opportunity provide a sense of relief that your issues are not unique to you. By learning from other people’s experiences and perspectives towards the shared challenges, you can discover new ways to tackle and overcome your issues.

2. Surround yourself with positivity:

Since the pandemic can significantly impact people’s mindsets and mental health, it’s a great practice to find others who have a positive attitude towards the future so you can elevate your mood and have a more positive outlook on your current situation. If you have close friends, family or others in your community we recommend you stay in touch with them. If you have a limited social circle you can reach to, there are many organizations and resources that provide mental health support, such as the 211 phone line. However, positivity also comes from acknowledging things we might be taking for granted. Do you have a home you live in? Do you have food in your fridge? Although you might be facing some challenges, acknowledging what you have and feeling gratitude can motivate you and help you get over the hard times.

3. Seek side hustles and government resources:

The Canadian government released multiple support programs during the pandemic such as CERB. We recommend you keep checking news and government websites for any incoming relief programs you might be eligible for. In addition to these relief programs, you can also seek side hustles to financially support yourself. Having multiple streams of income helps to diversify the risk of job loss, divorce or any other uncertainty by building long-term wealth. Fortunately, there are many ways you can build a side hustle which we covered in one of our previous articles ‘How to Create A Successful Side Hustle During COVID’.

4. Advocating:

During these tough times, it’s important to set boundaries and self-advocate for your achievements, responsibilities and challenges. Women have been impacted more significantly than men during this pandemic as they tend to take on more roles in the home to ensure family responsibilities are met, so self-advocating is a greater need than ever. As 1 in 5 women face job loss during the pandemic to take on more family responsibilities, there might be decreasing work-life balance and rising mental health challenges. In order to prevent making sacrifices from your mental health and job status, it’s vital to first acknowledge the weight of your tasks, then setting boundaries and eliminating unnecessary responsibilities. If you want to improve your work-life balance and share your burden with someone, ask for help whether it’s at work or at home! Asking for help and assistance is a strength, not a weakness.

How can we help you to get back on your feet?

The pandemic has been difficult for many, and we are here to help you get over financial challenges with our complimentary 30-minute financial planning consultation session! Click on the link to book your free appointment with us and we will start your financial journey towards building your wealth. If you want to read FP Canada’s research study, click here.

We hope you enjoyed reading our blog! Check the full live chat here. You can find our live chats and more of the latest financial news on our News Blog. Stay tuned to learn more tips on a new topic each week on our Instagram Live at 5 on Instagram! Aside from our live chats, we post daily financial updates on social media! Follow us on Linkedin, Twitter and Facebook and Instagram.