Pandemic brings financial concerns: survey

[Summitric]

[FONT=&quot] [/FONT]March 30, 2020 by Allan Janssen[FONT=&quot][/FONT][h=1]Pandemic brings financial concerns: survey[/h]
[FONT=&quot]Three out of four Canadians say they’re feeling financial stress as a result of the Covid-19 pandemic.[/FONT]
[FONT=&quot]A study by financial technology company Borrowell found that 74% of those surveyed reported feeling some degree of stress brought on by the crisis. Over 40% say their biggest financial worry is how to pay for basic necessities such as food and rent. Nearly 30% described the level of stress as “extreme.”[/FONT]
[FONT=&quot]Only 6% of people said they are feeling financially secure.[/FONT]
[FONT=&quot]The study involved responses from more than 16,000 Borrowell members. Survey questions asked about their current financial state, whether they were facing reduced or limited income, whether they had fears about job security, and whether they were concerned about being unable to pay for basic living expenses.[/FONT]
[FONT=&quot]Some 29% of respondent said Covid-19 has had an ‘extremely negative’ impact on their finances already, while 32% said they have no plan in place if funds run too low to pay bills.[/FONT]
[FONT=&quot]“We are facing a health and economic threat the likes of which we’ve never seen,” said Andrew Graham, Borrowell’s co-founder and CEO. “People are worried about their jobs, worried about how they will pay bills this month. The survey is a sobering reminder of the precarious financial situation facing millions of families as the COVID-19 crisis deepen.”[/FONT]

 

[Bikeswithtrax]

Too bad they didn't save up some and put at least 6 months worth of bills in their chequing account, or something else they can withdraw cash from quickly.
They finance everything they possibly can, heck some go so far as to finance a new dog they bought.
If it isn't vital like a house, if you can't buy it, save up till you can, don't get deeper into debt.

 

[09 arctic cat m8]

X2 well said

 

[papajake]

thats why i own everything no debt but its all old **** but still works still have fun with it and gives me something to do when it breaks down can't feel sorry for people in debt up to their ass with new **** they can't or couldn't afford

 

[Caper11]

Interesting times for sure.

There is alot of nervous people out there at the moment, cause the Future is uncertain for everyone, with no end in this crisis in sight at the moment with more and more restrictions being added weekly.

 

[Zrock]

unfortunately not all people can do that... while i agree pay for as much as possible cash but sometimes life and financials will not allow you to do that. If needed i would rather go into debt and have some toys i can enjoy with my kids and family then try to save for years and miss all the fun i would have had while the family was young..

 

[pipes]

I don't know why everyone is so worried. The budget will balance itself. Justin said so.

 

[Bnorth]

Definitely frustrating that so many people save nothing for an emergency so the gov't injects huge cash which is just another future tax burden to fall to those that do work hard to achieve moderate financial success and save some $. My biggest fear is that this leads to some modern monetary theory with a Universal Basic Income which is the ultimate participation trophy for losers that won't make the sacrifices that lead to financial security.

 

[doorfx]

Definitely frustrating that so many people save nothing for an emergency so the gov't injects huge cash which is just another future tax burden to fall to those that do work hard to achieve moderate financial success and save some $. My biggest fear is that this leads to some modern monetary theory with a Universal Basic Income which is the ultimate participation trophy for losers that won't make the sacrifices that lead to financial security.

You mean like communism?

 

[Bnorth]

You mean like communism?

Pretty much. When the top 10% of earners pay 54% of the tax where is the incentive to work harder? And when you're in the bottom 90% paying only 46% of the tax where is your incentive to work harder? It destroys ambition, soon no one will be left to pull the cart.

 

[Stg2Suby]

Definitely frustrating that so many people save nothing for an emergency so the gov't injects huge cash which is just another future tax burden to fall to those that do work hard to achieve moderate financial success and save some $. My biggest fear is that this leads to some modern monetary theory with a Universal Basic Income which is the ultimate participation trophy for losers that won't make the sacrifices that lead to financial security.

Funny you mention UBI, the Liberal Propaganda Machine (publicly known as CBC) floated an article in support of fast-tracking UBI a couple weeks back https://www.cbc.ca/news/opinion/opinion-universal-basic-income-1.5501938

I've noticed LPM floats these "feeler" articles more regularly now, I think it allows Butts to test the waters for public reaction as well as pre-conditioning the masses for when the real deal hits.

 

[Ronaha]

One of the worst things you can do is injecting cash into a failing system, it speeds up worthlessness

 

[papajake]

there we go again can't afford it so i will go in debt to have fun bull**** i had fun with my family when they were young but we bought used machines for 1/3 of new not like the people of today that have to go buy 10-20 thousand machines then can't afford to go out because they are in debt up to their ass most people don't think about tomorrow just all for today the fun has ended for a lot of people and the future does not look rosy

 

[retiredpop]

March 30, 2020 by Allan JanssenPandemic brings financial concerns: survey


Three out of four Canadians say they’re feeling financial stress as a result of the Covid-19 pandemic.
A study by financial technology company Borrowell found that 74% of those surveyed reported feeling some degree of stress brought on by the crisis. Over 40% say their biggest financial worry is how to pay for basic necessities such as food and rent. Nearly 30% described the level of stress as “extreme.”
Only 6% of people said they are feeling financially secure.
The study involved responses from more than 16,000 Borrowell members. Survey questions asked about their current financial state, whether they were facing reduced or limited income, whether they had fears about job security, and whether they were concerned about being unable to pay for basic living expenses.
Some 29% of respondent said Covid-19 has had an ‘extremely negative’ impact on their finances already, while 32% said they have no plan in place if funds run too low to pay bills.
“We are facing a health and economic threat the likes of which we’ve never seen,” said Andrew Graham, Borrowell’s co-founder and CEO. “People are worried about their jobs, worried about how they will pay bills this month. The survey is a sobering reminder of the precarious financial situation facing millions of families as the COVID-19 crisis deepen.”

As a senior who paid my own way and am living off pensions and money from investments and savings I am concerned. Investments have lost about 20% of their worth this month alone. We always made do with what I earned and didn't buy extras until there was money to do so. The only debt we had was the house which we paid off as soon as possible because our mortgage rate was 10.5% and renewal rate was 18%. We bought a house we could afford and we didn't move just because there was a "better" neighborhood that was being built somewhere. I know houses and vehicles were cheaper back then but as a percentage of wages they were maybe even a bit more than they are now. We bought used "toys" and enjoyed what we had without needing to go out and buy the latest and greatest. I do feel sorry however for people today who never learned how or felt the need to manage their money and finances and now have lost their jobs because of Covid-19. I know some people will think this sounds 'preachy' but that's my feelings. I hate how Canada is turning into a "Socialist" country with Trudeau leading the charge.

 

[drew562]

First time ever were all on the same playing field. Whether you have saved $10,000 saved or 1 million. If we don’t restart the economy soon the difference between $10,000 and 1 million is only months. 40-60% unemployment possible. We could all be in the same food line by Christmas.

 

[freeflorider]

unfortunately not all people can do that... while i agree pay for as much as possible cash but sometimes life and financials will not allow you to do that. If needed i would rather go into debt and have some toys i can enjoy with my kids and family then try to save for years and miss all the fun i would have had while the family was young..

That response is a slippery slope. I grew up with nothing, no motor bikes or sleds. I had a 2nd hand peddle bike and a old set of pond skates. I went skiing with the neighbors when I could and that was it. can’t say I hate my parents, we camped in a tent, we went to the park and the Dairy Queen.
good times as I remember, you do not have to wizz money up a tree to have fun with the kids especially if you don’t have it. I’m sure they would enjoy a Safe happy home then a stressed one because we have toy we can afford to use.
teach you kids the right approach to life and they will get more out of it and hopefully not fallow the same debt path as the rest.

 

[freeflorider]

First time ever were all on the same playing field. Whether you have saved $10,000 saved or 1 million. If we don’t restart the economy soon the difference between $10,000 and 1 million is only months. 40-60% unemployment possible. We could all be in the same food line by Christmas.

If you have a million saved and no payments... I don’t think I’ll be standing in that food line sorry.

 

[drew562]

S

If you have a million saved and no payments... I don’t think I’ll be standing in that food line sorry.

inflation will take care of a million fast.