Coping with the financial stress of COVID-19

Financial pressures are damaging Canadians’ mental health amid COVID-19, and an Edmonton insolvency trustee says there are a few ways to combat the stress.

In a market research survey released by the Centre for Addiction and Mental Health (CAMH) and Delvinia on Tuesday, just over a quarter of respondents said they had moderate to severe anxiety levels. Canadians who lost their jobs or are no longer working because of COVID-19 were more likely to report moderate to severe anxiety compared to those who did not.

Freida Richer, a licensed insolvency trustee with Grant Thornton Limited, said she was already seeing a lot of people in Edmonton dealing with financial stress and debt before COVID-19.

“And then the pandemic hits, and that adds another layer of stress involving a health crisis,” she said Wednesday.

Richer said clients are struggling to pay the most basic bills and debts like housing, utilities and car payments, as well as credit cards and student loans.

Creating a budget is one important way to get control of and assess your finances, she said. Looking at non-essentials that you can cut back on, like a cable subscription, is a good place to start.

Websites and apps like Mint, and budgeting tools offered online through your bank are also good options, she said. Non-profit Money Mentors also offers free online courses on budgeting, credit and debt, and credit counselling.

Results from CAMH and Delvinia are based on responses from 1,005 English-speaking Canadians 18 and over in an online survey from Delvinia’s Asking Canadians web panel.