Every year, the Financial Consumer Agency of Canada (FCAC) conducts a survey to study how well Canadians understand and manage their personal finances. In May, the agency released its findings from the 2019 survey. What remains true is that Canadians still live pay cheque to pay cheque, are carrying a lot of debt, tend not to save very much but are dedicated to saving for retirement.
Whether you’re earning an annual salary or paid by project, it’s easy to overspend on stuff when you’re feeling like Midas on payday. But this false sense of security can lead to taking on more debt and not enough savings. This is why having a financial plan is so important — and remember, it’s never too late to start.
Here are some useful resources to help you get started:
- Debt: Canada Life is currently offering members a free consultation with a credit counselor from the Credit Counseling Society until September 30, 2020.
- If you’re just starting out and have questions, call the Access Line at 1-800-724-3402, Weekdays, 8 a.m.- 8 p.m. ET
- Close to retirement? CEIRP’s dedicated Investment and Retirement Managers can help answer your questions
- Money management: FP Canada can help you find a qualified financial planner in your area. Click here to learn more.
- Click here for some great D.I.Y. financial tools.