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“Many are feeling the effects of wage losses as a result of COVID-19 and CERB has been a vital form of financial relief. While we know these various relief measures are providing necessary support for the immediate crisis, any financial problems they had prior to the pandemic have not gone away,” says Greg Gosse, a local Licensed Insolvency Trustee with MNP LTD.
Many are increasingly concerned about the longer-term effects of the pandemic. A third (33%) in Atlantic Canada say they are worried about the economic fallout from COVID-19, a whopping 20-point increase from March, the second-largest jump after Alberta. They are also worried about the current state of the Canadian economy (29%, +11), and the chances of a recession (25%, +9).
Despite high unemployment and concerns about the economy, Atlantic Canadians are feeling slightly better about their personal financial situations now than they were in March. This is likely due to government support helping some families stay afloat. Compared to levels measured just before the pandemic in Canada, Atlantic Canadians are less worried about how they will pay their bills (29%, -4) and their level of debt (25%, -1).
“Understandably, job loss is usually the biggest catalyst for financial struggle or insolvency. But with the help of government financial support, the damage has been somewhat mitigated in this situation. That support will run out though, so people need to make a plan for how they will deal financially when that happens.”
What Canadians Plan to Do When CERB Runs Out
The survey looked at what Canadians plan to do when emergency benefits offered during the coronavirus pandemic run out. Many who are currently receiving COVID-19-related government financial support say they will have to simply cut back any way they can when government support ends (46%). A third (32%) say they will apply for EI, followed by using their savings to pay bills (30%). One in 10 plans to file a Consumer Proposal (7%) or declare Bankruptcy (6%). Four percent say they will sell their home.
Gosse says that consumer insolvencies are expected to spike in Atlantic Canada in the wake of the pandemic as many Atlantic Canadians were already feeling a tremendous strain on their pocketbooks.
“As people start to head back to work, they may not be going back to the same hours or pay they had before the pandemic. This will make it harder for them to manage any payments they’ve been delaying over the past few months. In many cases, people were already budgeted down to the last dollar before COVID-19, so this will only stretch them further. Anyone who finds themselves unable to keep up with their payments should seek debt advice from a reputable source,” he advises.
Licensed Insolvency Trustees are government-regulated debt relief professionals who can review all debt relief options. They are empowered to help debtors reorganize their financial affairs and, where appropriate, can even help them avoid Bankruptcy by facilitating an agreement with their creditors. They can also guarantee legal protection from creditors as they guide individuals through the Consumer Proposal or Bankruptcy process. About MNP LTD
MNP LTD, a division of the national accounting firm MNP LLP, is the largest insolvency practice in Canada. For more than 50 years, our experienced team of Licensed Insolvency Trustees and advisors have been working with individuals to help them recover from times of financial distress and regain control of their finances. With more than 230 offices from coast-to-coast, MNP helps thousands of Canadians each year who are struggling with an overwhelming amount of debt. Visit
MNPdebt.ca to contact a Licensed Insolvency Trustee or use our free
Do it Yourself (DIY) debt assessment tools.
In light of the social distancing measures currently in place, MNP LTD is currently offering free consultations via videoconferencing (Skype, Messenger, Zoom, FaceTime, etc.) and by phone. Their team of Licensed Insolvency Trustees are empowered to help those struggling financially to make the most informed choices to deal with their debt during this time.
MNPdebt.ca/get-started-now to book an appointment or to start a live chat.
About the Survey
These are some of the findings of an Ipsos poll conducted between June 1-2, 2020, on behalf of MNP LTD. For this survey, a sample of 2,001 Canadians aged 18 years and over was interviewed. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.
A summary of the national data is available by request.
Greg Gosse, CIRP, LIT, CPA, CMA, FCPA, FCMA
Vice President, MNP LTD 709.383.1503
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