COVID-19: Managing financial health in challenging times

17 March 2020
Getting through a financial emergency

Financial emergencies can happen to anyone and come at any time. They can be the result of family illness, job loss, urgent home repairs, or a weather event like a major flood. Some events could even shut down your community for an extended period.
 
You may be worried about the impact of the current COVID-19 pandemic on your finances. Whatever the source, financial emergencies can be stressful and cause considerable hardships for you and your family.
 
See how the Government of Canada is taking action on COVID-19.
 
When sudden events occur, it may not always be immediately noticeable that you are heading towards financial hardship. A long-term assessment of your capacity to maintain your current lifestyle is important. Consider any impacts on your income, grocery bills, housing, utilities and other necessities that still need to be paid.
 
Emotional situations can lead to poor financial decisions. Be sure to get the help you need with financial decisions during an emergency. Take the time to get advice and information on what you would like to do.
 
The Financial Consumer Agency of Canada (FCAC) has many educational resources on budgeting, credit, savings, debt management and more. Interactive tools and calculators can also help you maintain good financial health during these challenging times.

 
Be prepared. If you think the current pandemic may put you in financial hardship, here are some steps you can take.