Local News

Savings are an Important Part of a Financial Plan.

According to LifeWorks’ quarterly Financial Wellbeing Index there is a growing need for reliable resources and tools to improve Canadians’ financial health.

 

Spokesperson Paula Allen explains 28 per cent of working Canadians don’t have emergency savings which will make it more difficult for them to withstand any kind of upheaval that impacts their finances.

 

Additionally 26 per cent only have enough savings to cover a few months of essential expenses.

 

 Allen says compared to the rest of the country Manitoba really is coming around the middle of much lower scores in the Maritimes and we have a bit lower scores than Saskatchewan.  In Manitoba like the rest of Canada financial wellbeing has been impacted so we’re seeing financial wellbeing lower now than it was in their benchmark series which was prior to the pandemic.  She noted Manitoba is compared to where they were prior to the pandemic about middle of the road in that decline.

 

Allen adds one-third of Canadians rely on social media or friends as their primary source of financial information.

 

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