The COVID-19 pandemic has set many people back financially, and more are looking to get back on track with their savings as they return to work. Aimee Chow from Coast Capital Savings joined us via Skype with some tips and advice.

How much of a hit have British Columbians taken financially?

It’s definitely been a different world out there for everyone, and with the wide-reaching impact of COVID-19 we know there have been a lot of people impacted financially. Coast Capital Savings recently partnered with Angus Reid on a poll to gauge that financial impact. It’s not surprising to see that many of us have been impacted in some way.

• 38% say their employment has been impacted in the last 3 months
• 37% said their personal financial situation has worsened
• 25% say their debt levels have increased over the same time period

Were there any bright spots in the survey?

• There are a lot of families that are struggling right now, and we want to underscore that
• There are some folks who have managed to weather the storm as they had a strong financial foot hold to begin with already
• Strong savings they could lean on, or a really good budget they’ve been able to stick within
• Over 50% said the pandemic hasn’t impacted their ability to set their budget
• 55% said they’re now more diligent with their budgeting bsaed on current economic environment

For those who have been affected, what advice do you offer them?

• It’s a good time to get started on budgeting or financial wellness
• Book an appointment with your advisor at your financial institution
• There’s a common perception that financial planning is only for those with significant wealth, but actually the best time to start planning is when you’re looking to imporve your overall financial picture

Okay, that’s the firs step. Any other tips?

• I’d say there’s 3 key priorities to keep top of mind right now in this environment:
  • Keep up with your current obligations (mortgage, rent, debt-repayment)
  • Set or reevaluate current household budget
  • Save for a rainy day

If people are struggling even with getting their monthly bills paid, what’s reasonable to expect at this point?

• It may sound counter intuitive but it is important even when times are tight we are putting money aside for a rainy day
• This is really going to help in the future if you fall into a financial crunch again you’ll have something to fall back on as opposed to leaning on more debt