The COVID pandemic has hit families hard in more ways than one as a recent study has shown that one-quarter of Canadians will have to forgo the holidays this year.
According to a national survey conducted by a non-profit credit company, Credit Canada, a study of 1,500 Canadians coast-to-coast has shown that 24 per cent will not be able to take part in the holiday celebrations.
In addition, one-in-five Canadians, 21 per cent, are not confident they will have steady income over the next six months, and 44 per cent are not confident they will be able to build their savings over the next 12 months. In both situations, the study found that women are less confident than men, with 22 per cent of women uncertain they’ll have a steady income, versus 16 per cent of men, and almost half, 48 per cent, were not confident they will build savings, versus 40 per cent of men.
“While the holiday season is undoubtedly going to look different this year, it’s not all doom and gloom, and in fact, these numbers aren’t that shocking given the trying times we’re in,” said Keith Emery, Co-CEO of Credit Canada, in a release “Nevertheless, we hope that as the economy continues to recover, Canadians’ confidence in their finances will also rebound.”
When people were asked what their expectations were, the study found that one-in-five, 21 per cent, said that they expected their personal debts to either disappear or be forgiven, with an additional nine per cent noting how they would not go back to work and rely on government support.
“Some Canadians are waiting for a miracle, or for the government to swoop in and magically resolve their debts for them,” said Emery. “But we must realize that this is our new reality and must ask ourselves how to best move forward from here.”
In a few looking towards the future questions, one-in-five Canadians, 21 per cent, are not confident they will ever renew their faith in the country’s economy, one-in-four, 24 per cent feel they will never meet their money-saving goals,14 per cent of respondents feel they will never get out of debt, and one-in-10, 12 per cent feel they will never fully recover financially from COVID-19.
“No matter what a person’s financial situation might be, it’s crucial for Canadians to be prepared as we come out of this bad dream,” said Emery. “And if you have debt, start tackling it now.”
If you are struggling financially, Credit Canada has pulled together trusted financial info to help safeguard against the noise of misinformation. For more details, visit Credit Canada's website.