The start of 2022 came with new challenges for Canadians nationwide. The arrival of the Omicron variant has affected the economic landscape and changed how we conduct our day-to-day lives.

CUA continues to assess and consider the challenges that lay ahead. As inflation has become a growing concern in Canada, affecting everything from food to housing prices, policymakers have indicated that the Bank of Canada’s priority is now getting inflation under control by raising interest rates gradually over the course of the year.

A recent poll conducted by Nanos found that Canadians are nearly nine times more likely to say they are more worried about higher prices for everyday goods than about higher interest rates. Simultaneously, many Canadians are bracing themselves for the impact of rising rates; this same survey found that Canadians believe interest rate increases will have a negative or somewhat negative impact on their personal finances.

At CUA, we understand these concerns and are deeply committed to helping each of our members reach their full financial potential and achieve financial peace of mind. We know this looks different for everyone and could involve actions like decreasing your monthly expenditures, adjusting your timeline on an upcoming major purchase or changing your investment mix. We welcome the opportunity to work with you in developing a customized financial plan to meet your needs.

Whether you are a personal or business member, we are devoted to helping you get from where you are now to where you want to be. And because we’re headquartered here in Nova Scotia, we can tailor our products to meet your specific financial needs and provide quick service and turnaround times. As we have done the past two years, we will continue to work with you and provide support and guidance on your financial journey.

As we leave January 2022 in the rearview, I’d like to highlight that February is African Heritage Month. We celebrate the many foundational and continued achievements and contributions of Black Canadians to the nation’s history, culture, and economy.

As always, I invite you to connect with us at any time by calling 902.492.6500 or emailing info@cua.com.