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There’s no question, these are stressful times. Between the COVID-19 pandemic, social unrest and the challenges that come with juggling jobs, children and family, life can feel overwhelming.
Adding to the anxiety is the absence of usual social connections. A dinner with a friend, a hug from a family member or a neighbourhood BBQ … these are normally moments that bring light to lives, create connections and support. Without connections, feelings of loneliness and stress may quickly intensify.
It’s not Just You, it’s Science
Science has shown that social connection is an essential human need. In fact, researchers at Concordia University discovered that oxytocin, the hormone released when bodies are under stress, causes an internal desire to connect. According to Harvard Women’s Health Watch, social connection can help people feel mentally and physically better by relieving stress, diminishing depression, and potentially protecting against cognitive problems as people age.
While it’s crucial to check in with family and friends in ways that are safe and appropriate during this time (it benefits both your own well being and theirs) it’s may also be important to check in with other members of your support network, even people you might not have considered.
Why Check in With a Financial Advisor
A recent report from IPSOS revealed that the rise in mental health issues is closely linked to job loss, and financial stress. While many Canadians are concerned about their money, few choose to connect with a professional for help.
If you haven’t considered having a financial check in with your bank, you’re not alone. Many Canadians may not out for assistance and advice when they are experiencing financial challenges. They may fear being judged for their current financial situation, they may think they won’t get value from a financial discussion, or perhaps won’t like what they hear.
The thing is, a financial check in is a judgment-free zone and the best part, is, it’s free! Advisors are there to help — whether things are going well, or (especially) when they’re not. There is no shame in asking for advice, answers, or just a hand in managing your money.
Consider how much better you might feel if:
The debt you’re struggling with could be consolidated into one manageable payment.
Your budget could be reshuffled to give you more breathing room at the end of the month.
You had a plan in place to improve your cash flow.
You found a few extra dollars to save for something that matters to you and your family.
RBC Reaching Out to Clients
In an effort to stay connected with clients, RBC Advisors have been proactively reaching out just to check in on clients, and to answer questions or address concerns. Because again, their role is to help you feel comfortable and confident with your finances. Especially during these challenging times.
If you’re still not convinced, take a look at An RBC Check In: What It is, And What It Is Not. Or better yet, book your check in today. You might be surprised by the real discussions that can take place between you and an advisor.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.