{"id":142,"date":"2021-10-15T14:58:45","date_gmt":"2021-10-15T18:58:45","guid":{"rendered":"http:\/\/35.182.98.210\/?p=142"},"modified":"2021-10-15T14:58:45","modified_gmt":"2021-10-15T18:58:45","slug":"39-per-cent-of-canadians-have-no-financial-plan-once-pandemic-supports-end-survey","status":"publish","type":"post","link":"https:\/\/frontlobbynews.com\/?p=142","title":{"rendered":"39 per cent of Canadians have no financial plan once pandemic supports end: survey"},"content":{"rendered":"\n

Original Article: https:\/\/toronto.citynews.ca\/2020\/11\/01\/39-per-cent-of-canadians-have-no-financial-plan-once-pandemic-supports-end-survey\/<\/a><\/p>\n\n\n\n

TORONTO, ON \/ CityNews – Toronto \/ November 01, 2020<\/strong><\/p>\n\n\n\n

A new Angus-Reid study says 39 per cent of those polled say they don\u2019t know what they\u2019re going to do when pandemic assistance measures like the Canadian Emergency Response Benefit (CERB) come to an end.<\/p>\n\n\n\n

The firm polled 1,500 Canadians and was commissioned by the non-profit credit counselling service, Credit Canada.<\/p>\n\n\n\n

\u201cA lot of them said, \u2018I\u2019m ok right now and I\u2019ll cross that bridge when I get there,\u2019\u201d said Keith Emery, Co-CEO of Credit Canada. \u201cWe really wanted to try and wake Canadians up to say you need to get a plan now.\u201d<\/p>\n\n\n\n

Many Canadians receiving assistance might be delaying making a plan because they feel anxious tackling the problem head-on, but Emery suggests the way out is not as scary as it might seem.<\/p>\n\n\n\n

\u201cYou\u2019re going to feel better once you\u2019ve sat down and you\u2019ve put it down on paper and now you really understand what the challenge is before you,\u201d he said. \u201cOften it might be a little bit less than you think it would be. You\u2019re also going to have some steps to take now because that\u2019s really going to be the key.\u201d<\/p>\n\n\n\n

Emery suggests a step that can be taken could be building an emergency fund. Any surplus you might be getting from income supports or from having payments deferred should go towards that fund to allow yourself some padding if the going gets tough.<\/p>\n\n\n\n

And when it comes to those mounting debts, Emery says you should be working towards paying them down instead of carrying it as is.<\/p>\n\n\n\n

\u201cIf you find you don\u2019t have a budget surplus or you do have one but it\u2019s not enough to cover your debt payments or your other obligations, then you need to either look at reducing your expenses or reducing your debt load,\u201d he said. \u201cFrom there, you may need to get creative with finding new ways of dealing with income.\u201d<\/p>\n\n\n\n

According to the survey, one-in-four Canadians said they have used income supports like CERB and EI. One-in-10 said they have used payment deferrals for car loans, mortgage, rent, lines of credit and credit cards during the pandemic.<\/p>\n\n\n\n

About half of those receiving income supports or using payment deferrals said they are confident they\u2019ll no longer need financial assistance at all once these supports have ended.<\/p>\n\n\n\n

Alternatively, 10 per cent say they\u2019ll turn to traditional borrowing like family loans, bank loans, and credit cards.<\/p>\n\n\n\n

Whatever option you choose, Credit Canada says if you\u2019re receiving any kind of support that\u2019s set to run out, you should start planning now and to remember you\u2019re not alone. They suggest either speaking to a trusted friend or family member about a financial plan or using one of the non-profit\u2019s own debt counsellors.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new Angus-Reid study says 39 per cent of those polled say they don\u2019t know what they\u2019re going to do when pandemic assistance measures like the Canadian Emergency Response Benefit (CERB) come to an end.<\/p>\n","protected":false},"author":1,"featured_media":186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,3],"tags":[],"class_list":["post-142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-city-news-toronto","category-press-release"],"yoast_head":"\n39 per cent of Canadians have no financial plan once pandemic supports end: survey - FrontLobby News<\/title>\n<meta name=\"description\" content=\"A new Angus-Reid study says 39 per cent of those polled say they don\u2019t know what they\u2019re going to do when pandemic assistance measures\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/frontlobbynews.com\/?p=142\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"39 per cent of Canadians have no financial plan once pandemic supports end: survey - 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