Corrie Omand

Coping with Financial Stress during COVID-19

/in , , , /posted by

Before the COVID-19 pandemic, nearly 1/3 of Canadians spent at least one hour each day worrying about their finances. [1] Now many Canadian families are concerned about the related economic crisis with nearly 30 per cent reporting extreme stress to the point of losing sleep. Most people say that their biggest worry is financial, with 41% unsure of how they will pay for basic necessities such as food and rent.[2] Only 6% of Canadians are feeling financially secure during this time.

Financial stress can lead to poor physical health. Ongoing stress about money has been linked to migraines, heart disease, diabetes, sleep problems, and more. For years, studies have shown that people in debt have higher rates of mental health issues like depression and anxiety than those who are debt-free.[3]

Below are some resources to help with managing your finances and financial stress during the COVID-19 crisis:

Government of Canada – COVID-19: Managing financial health in challenging times
Covering topics such as:
• Getting through a financial emergency,
• What the gov’t is doing to help,
• What to do if you’re facing financial hardship,
• Where/how to ask questions and more

The Province – How to deal with your finances during COVID-19 crisis

Navy & Sage Benefits – List of support available for Canadians and Businesses

Sun Life – How to get financial support & save money during COVID-19>
• How to weather market volatility
• Helpful insights and tips about the current market volatility:
• How does COVID-19 affect your savings?

Very Well Mind – Understanding and Preventing Financial Stress

Borrowell – How to budget during COVID-19

*Original post: March 29, 2020

References:
[1] Hay, Susan. (2019, November 16). Most Canadians worry about their finances every day for about an hour. Global News. Retrieved March 25, 2020 from https://globalnews.ca/news/4671876/canadian-finances-worry/.

[2] Borrowell. (2020, March 24). Survey Reveals 3 in 4 Canadians Experiencing Financial Stress Due To COVID-19. Borrowell. Retrieved March 26, 2020 from https://borrowell.com/blog/survey-reveals-3-in-4-canadians-experiencing-financial-stress-due-to-covid-19/.

[3] Scott, Elizabeth. (2020, March 26). Coping With Financial Stress in Your Life. Very Well Mind. Retrieved March 26, 2020 from https://www.verywellmind.com/understanding-and-preventing-financial-stress-3144546.