A survey from Refresh Financial found that many Canadians are not prepared for financial emergencies. Almost half (49%) of respondents said they have no savings for an emergency, with 53% relying on their next paycheque. More than one-third (35%) said they would take out a small loan or use a credit card to deal with an emergency.
Another survey from Motive Financial reports Canadians are more optimistic about their finances. The poll found 51% are saving regularly for vacations, retirement or increased costs of living.
These are just a few quotes from different financial surveys and recent polls of Canadians and how they view their finances. When looking at the research, it can be hard not to feel confused or overwhelmed.
Depending on who you speak to, Canadians are either doing very well or we are headed towards a financial crisis. We either have money left over and are saving for a specific goal, or we are struggling to make ends meet and living paycheque to paycheque. The contrasting outlooks towards finances can make it hard to decide the right way to tackle your financial situation.
With so much information at our fingertips, different options available to us, and conflicting ideologies on our financial health, it is easy to succumb to financial lethargy. But the truth is there is not one ‘right way’ to work towards your financial goals because that would require everyone to have the same financial: goals, background, and struggles.
This is where our team at Westoba Credit Union plays a key role in guiding and blocking some of the financial static our members deal with daily.
When you book your financial checkup, we can sit down with you to review your full financial picture. We get a clear understanding of your current income, net worth, and cashflow. We can help identify short or long-term goals that you may not have realized were possible. We know that managing finances can be overwhelming, but when you sit down with a Westoba Financial Planner you are taking the right steps to help quiet the static and get reenergized to achieve your financial goals.