How to navigate your finances during a job loss
BNN Bloomberg
Economic uncertainty has led to thousands of job losses throughout Canada in recent months, and experts say financial clarity is more important than ever for people who find themselves out of work.
Canada’s labour market remains tight with the latest addition of 35,000 jobs in March and a steady unemployment rate of five per cent, according to Statistics Canada, but experts warn that the recent string of interest rate hikes by the Bank of Canada will weigh on business sentiment for several months.
If someone is impacted by a corporate restructuring or becomes suddenly unemployed, personal finance advisors say it’s crucial to create an all-encompassing financial plan while leaning on support from the government or banks.
“When faced with a job loss, you need to find extreme financial clarity. Take stock of your situation, including how much money you have in savings, how much is easily accessible and how much you have in debt,” Melissa Leong, personal finance expert and author of Happy Go Money, said in an interview on Tuesday.
