A Financial Health Check

March is typically a time to make plans for the longer and warmer days ahead. This year, March also marks a very different milestone to reflect upon—one year since the introduction of the pandemic in Nova Scotia.

The last 12 months have been challenging, but they have also been a time of great opportunity. I’ve been inspired by the innovation I have seen from our small businesses, by the way we’ve all come together as a community and as a province.

As we look at how this environment has affected what we do each day, it has been reflected in changes in banking activity and specifically in borrowing behaviour. Statistics Canada reports that Canada has seen an increase in lending over the last year, powered by the combination of very low interest rates and resilient demand for housing. We have also seen significant savings in the hands of individuals and businesses as their typical spending patterns changed during the pandemic. While these changes exist today, it is unlikely that this will continue in the future when there is a return to a more “normal” environment.

It is no surprise that physical and mental health are very important; our financial health should also be priority. Research shows that these are four key indicators of financial health: spending, savings, planning and borrowing. When it comes to borrowing and given the low interest rates, you might be wondering if now is the right time to borrow. The short answer? It depends.

Every day, members of our team have conversations about the impact of borrowing on one’s overall financial picture. Debt can be a useful tool— and, in many cases, necessary — but, only if it is manageable. What does manageable look like?  At CUA we believe that depends on the individual, your approach to your money, and other information that numbers can’t tell us are part of assessing manageability. 

If you’d like to talk about your overall financial health or what manageable debt looks like for you, please connect with a member of our team online, by phone at 902.492.6500 or by emailing info@cua.com. On behalf of everyone at CUA, I want to thank you for your continued business and wish you and yours a healthy rest of March.

Your CEO,

Marie Mullally
President & CEO
Email Marie

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