Uncertainty about the future is a major financial concern for many British Colombians

“People were ill prepared for the pandemic because it was an emergency and they didn’t have the savings to weather the storm,” says Scott Hannah, CEO of the Credit Counseling Society.

British Colombians, says Hannah, are particularly concerned about economic factors beyond their control such as the COVID-19 pandemic or an economic or housing recession.

“For many British Canadians and Colombians, it’s fear of the unknown,” he said. “It is difficult to plan in these uncertain times.”

For many, he said, uncertainty about the pandemic meant cutting extraneous spending.

“Many BC residents have been forced to cut nonessential spending until they see things are smoothing out for them,” Hannah said.

“In some cases, it’s scaling from a two-car family to a one-car family. Christmas, for many families this year, will be different than in years past due to lack of their ability to finance it and really trying to stay afloat and keep up with their payments. “

Hannah said, however, that this may be a good time for some to gain more control over their financial situation, especially if government assistance has provided some respite to deal with debt.

Hannah says the reduced costs of not having to go to work or not having to pay for daycare also had a positive side.

“For many people, while their gross income has decreased, their disposable income has increased and they have actually saved during this time and paid off some of their debt,” he said.

He said that for those looking to tackle their finances, it might be a good idea to seek professional help.

“Money is still that taboo subject we don’t like to talk about,” he said, adding that people don’t have to suffer in silence.

“Now is the time to take advantage of it and talk about how I will get out of this mess in the future and better prepare myself so that when the next unknown economic downturn hits, I’m in a better position to deal with it.”