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One in three Canadians concerned about COVID-19’s impact on personal finances: report

31% of the participants say their income has decreased as a result of COVID-19

October 27, 2020  by CM Staff

PHOTO: KittyCanuck, via Creative Commons

TORONTO — According to a recent national survey commissioned by Chartered Professional Accountants of Canada (CPA Canada), one third of Canadians say the stress associated with money management has increased because of the pandemic.

“Canadians are worried amid the uncertainty and the pandemic is influencing how they are viewing and managing their finances,” says Doretta Thompson, CPA Canada’s financial literacy leader, in a prepared statement. “The need to provide financial educational and literacy tools to Canadians is paramount so that information is available to help individuals and families make informed decisions when it comes to money matters.”

Among the key pandemic-related findings:

  • 31% of the participants say their income has decreased as a result of COVID-19.
  • 30% of respondents report COVID-19 has reduced the amount they are saving.
  • 21% of pre-retired respondents reveal they now plan to retire later as a result of COVID-19.
  • COVID-19 also is impacting the way survey participants are spending, with 55% saying they are spending less, on average.
  • Nearly half of the respondents (46%) say that their financial situation is about the same as it was a year ago.
  • 77% of those surveyed are not receiving a COVID-19-related benefit from the federal government.

“This is a challenging time for many Canadians and it is never too late to start paying closer attention to your finances and to seek information to help guide your decision making,” adds Thompson. “Taking action today can position you for a better tomorrow when it comes to your finances.”