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With today’s economic headwinds delivering rising interest rates and inflation, many Canadians feel stressed because of their finances. In fact, 62 per cent of Canadian parents surveyed feel their mental health has been impacted by their financial situation or decisions, according to a recent RBC survey for Mydoh.
Since money matters can be a top cause of stress, it’s important to know you don’t have to go it alone. You can reach out to others and create a support team to help you. Below are five kinds of people to consider including as part of your financial support team.
Family members and friends: Your spouse or partner should be one of the first people you engage when facing financial stress. Their support and compassion can help ease anxiety and fear. Other trusted family members, siblings or close friends can also be great allies as you navigate financial stress.
A financial professional: During financially stressful times, seeking help from someone with the experience and expertise may be beneficial. Financial professionals are experts in assessing your financial situation and building strategies and solutions to help you reach your financial and retirement goals.
Accountant: Accountants are beneficial to include on your support team as they are adept at creating budgets to help contain your spending and identifying tax strategies that may help save you money. They are experts in analyzing your financial situation objectively and developing a plan to get you back on the road to financial health.
Credit counsellor:If debt is the main cause of your stress, you may want to speak with a credit counsellor. Credit counsellors can play a vital role in providing expert guidance, financial education, and the practical tools necessary to help you manage your debt.
Mental health professional:Financial stress can affect overall mental health. It can also impact many other areas of life, including relationships, self-esteem and confidence, to name a few. Mental health professionals deal specifically with the feelings their clients are experiencing, including stress and anxiety, and help them find ways of managing them.
Remember, your team may vary depending on your personal circumstances. But having the support you need can give you clarity and peace of mind to help you work through your situation most effectively. The key is to find people you trust who can give you the information and insights you need to manage stressful times.
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.