A new survey finds many Canadians would find themselves in some financial trouble within days of losing their job.
The Financial Planning Standards Council finds 19% would only have enough money to cover their living expenses for about a week, while just over 40% said they would be able to cover the bills for about four weeks.
More than two-thirds of Canadians believe their own financial situation, and that of the country, has either remained flat or worsened over the last five years.
As for worrying about money, about 40% say it crosses their mind at least once a day; one in four say they worry “almost constantly.”
“One of the best ways to reduce stress related to your finances is to have a personal financial plan tailored to your own situation to help you meet your day-to-day needs and long-term life goals. Financial Planning Week—November 20-26, 2016—is a great time to get started on developing your own individual plan which will make it easier for you to focus and stay on track.” – Personal Finance Educator/Author Kelley Keehn, also FPSC’s Consumer Advocate.
Some other “Canadians and Their Money” survey findings:
-fewer than half (41%) feel they make more good financial decisions than bad ones
-one in four (26%) aren’t sure where to go for solid financial planning advice
-about 55% keep a close eye on their financial affairs.
-35% say they live for today and let tomorrow take care of itself
“We know from previous research that people with comprehensive financial plans report being more confident that they can deal with financial challenges in life while still having enough money for discretionary spending. Having a plan is an important first step, but it won’t help to ease your money worries if you don’t follow it and keep it updated when your personal needs or life goals change.”