Canadians under the age of 34 and those from certain communities including black, indigenous and people of colour are among the most likely to experience financial insecurity, job losses and reduced income as a result of Covid-19.
A survey from TD finds that 66% of Canadian respondents aged 18-34, compared to 38% of Canadians aged 55+, have experienced or anticipate experiencing unemployment or reduced hours as a result of COVID-19.
As a result, younger Canadians may be more likely to struggle to meet basic financial obligations like buying groceries or paying their rent or mortgage.
The research also examines the impact of COVID-19 on communities – many of whom were already more financially vulnerable before the start of the pandemic. According to survey respondents:
- 69% of Filipino, 65% of South Asian, and 64% of Black Canadians have experienced or anticipate experiencing unemployment or a reduction of income within the next three months due to COVID-19, compared to only 53% of the general population surveyed;
- 27% of People with Disabilities expect to be late paying their rent or mortgage as a result of COVID-19, compared to 20% of the general population surveyed;
- 8% of Indigenous Peoples expect to borrow money for essentials due to Covid-19, compared to 19%of the general population surveyed, and
- Only 27% of South Asian, 30% of Indigenous Peoples and 31% of Chinese Canadians feel they know who to turn to for financial advice as compared to 40% of the general population surveyed.
The evolving financial impact of Covid
TD’s poll also underscores the evolving financial impact of Covid-19 on Canada’s general population. In comparison to TD’s 2019 Financial Health Index, a national survey assessing overall ‘financial health’ in Canada:
- 15% of survey respondents identified as financially vulnerable in November 2019, compared to 38% in April 2020.
- 20% of survey respondents felt confident in their financial future in November 2019, with the number dropping to 13% in April 2020.
As COVID-19 continues to affect all Canadians in different ways, TD says that it is providing financial advice and solutions to meet each customer’s unique circumstances.
“From our inability to spend time with friends and family to changes to our financial situation, COVID-19 has had an unprecedented impact on nearly every part of our daily lives,” says Frank Psoras, Senior Vice President, Customer Strategy and Innovation at TD.
“As the situation evolves, TD is ready to help all our customers move forward, providing personalised advice and solutions designed to support the financial needs of our customers.”
TD launches TD Ready Advice
TD has launched TD Ready Advice, a response to financial recovery from COVID-19. From personalised advice to everyday banking capabilities available via online tools, TD Ready Advice was created to help address the ongoing needs of customers’ evolving financial situations.
TD Ready Advice provides information on topics reflecting the challenges currently facing many Canadians, such as details on mortgage deferrals and debt financing – relief options which have been sought out by 300,000+ customers since the start of the pandemic – along with proactive outreach to help customers navigate their financial challenges and emerge from the pandemic environment.
In addition, TD Ready Advice provides financial advice to customers looking for investment guidance as they continue to save for the future.
“Canadians, especially younger and diverse Canadians, have been hard hit by this public health crisis and trusted advice is critically important in helping them understand their options and navigate their financial situation,” notes Psoras.
“Regardless of age or demographic, TD Ready Advice is here to help all our customers feel ready for their financial future, no matter what their circumstances are.”
Meantime…as Canada begins to re-open RBC launches Points for Canada
Royal Bank of Canada is helping to stimulate growth in local economies through Points for Canada.
This is a new RBC-funded campaign that gives RBC Rewards clients the opportunity to enjoy significantly more value when they shop and dine at businesses across Canada.
“We know the last three months have been extremely difficult for business owners in Canada as the majority experienced a significant loss of revenue due to the pandemic,” says Neil McLaughlin, Group Head, Personal & Commercial Banking at RBC.
RBC Points for Canada: helping local businesses recover
“Throughout COVID-19, we have supported clients and businesses through a variety of relief programmes and we’re proud to build on that commitment by now focusing on ways we can help stimulate growth in local economies across the country. Through Points for Canada, we’re pleased to be able to help our Canadian clients receive more value from their points and help them support local businesses in their recovery.”
During the month of July, RBC personal and business clients who pay using their RBC Rewards credit card, including the market-leading RBC Avion travel cards, earn 2x RBC Rewards points at restaurants across Canada (opt-in required), and at Petro-Canada from July 15 to July 21 (no opt-in required).
In addition, RBC Rewards credit card clients save 30% when they redeem their RBC Rewards points to purchase select gift cards from their favourite Canadian brands, including the RBC Visa Prepaid Card which can be used to shop locally. RBC is also providing clients with 30% more value when they redeem their RBC Rewards points by using Pay In Store with Points at retailers across Canada.