Most of us, regardless of age, life stage or income, have felt anxiety over our money and finances at some point in our lives. In fact, the rising cost of living is causing Canadians each week to worry more than 14 hours, on average, about their finances.1
Here are five simple, but not always easy, things to do to help tackle money concerns.
It’s fairly common to ignore or put off thinking about things that can cause stress – like money. Taking a proactive approach to your finances can be the first step toward building a workable budget and developing a sound financial plan to help give you peace of mind. Meeting with a financial advisor who can help you create a plan is a great start.
Being ashamed or embarrassed to ask for help is natural; however, not reaching out can often make a challenging situation worse. Sometimes financial problems can escalate, not because of negligence, but because of a lack of understanding. It’s okay to ask for help in order to better understand all your options.
Talk to your family about what is going on with your finances. Involving your family can help provide additional support and be a major source of stress relief. Not having to hide money problems is also a major factor in reducing money anxiety. Talking to your family about money will also open up the conversation about how to effectively transfer your wealth to the next generation when it’s time.
Once you have a financial plan in place that is aligned to your financial goals, the next step is finding the best way to achieve those goals. Investing on a regular basis through Pre-Authorized Contributions (PACs) can help you get into the habit of building your savings easily and automatically. Visit scotiabank.com/PAC and try out our interactive PAC video.
Even with a sound financial plan in place and good habits established, the work doesn’t end there. It is important for you to keep revisiting the plan with your advisor to ensure it is still relevant, and revising if necessary.
If you are experiencing financial difficulty or simply want to ensure you’re on the right track with your finances, reach out to a Scotiabank advisor today or visit scotiabank.com/book to schedule an appointment. A Scotiabank advisor will review your financial situation, present you with options and recommend a strategy to help you best address your concerns.
Source: Scotiabank, Consumer Views on Financial Worry, Scotiabank Worry Index (W3), July/August 2022.
These are some of the findings of a Maru Public Opinion Poll conducted between July 21st – 26th, 2022, among 1,517 randomly selected Canadian adults who are members of Maru/Blue‘s Maru Voice Canada online panel. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of ±3%, 19 times out of 20. The results have been weighted by education, age, gender, and region to match the population, according to Census data.