Are you financially prepared for an emergency?
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(NC) The pandemic has made many of us realize that we may not be sufficiently prepared to deal with unexpected life events like a health scare or job loss.
Key to being able to effectively navigate whatever comes your way in the future is having a sense of your overall financial well-being. However, the report indicated that just 22 per cent of Canadians currently know this.
Further, only a quarter feel they manage debt effectively, create and stick to a budget, have the right insurance in place and feel optimistic about their ability to save for future expenditures.
“COVID-19 has revealed that we all need to work on determining and, in some cases, building up our financial well-being,” says Damon Murchison, president and CEO of IG Wealth Management. “Our lives and finances are more intertwined than ever, so it’s important to think holistically.”
Dimensions of financial well-being
When it comes to planning, six dimensions of financial well-being need to be taken into consideration:
- Optimizing your retirement
- Managing cashflow
- Sharing your wealth
- Preparing for the unexpected
- Planning for major expenditures
- Maximizing business success (for entrepreneurs)
Aim to improve your standing in each area. Managing cashflow is important, but you won’t achieve true financial well-being if you are neglecting to plan for retirement, for example.
There are tools that can help you get a better sense of your overall financial picture. Partnering with a financial advisor who understands these dimensions can also be beneficial.