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Cooped up for months, economists say Canadian consumers are itching to do some revenge shopping.
And as governments across the country start to loosen restrictions and develop reopening plans, analysts are focusing their attention to assess whether all those dollars in pent-up savings will be used towards big-ticket purchases.
It’s a phenomenon known as revenge spending or revenge buying, which typically occurs after an unprecedented event causes people to look towards reclaiming their sense of normalcy. Essentially, it’s a way for people to make up for lost time, commonly out of spite and usually through retail therapy.
WAYNE GLOWACKI / WINNIPEG FREE PRESS FILES
Melissa Shin
Traditional financial planning involves extensive information gathering, detailed reviews, and dedication from both the financial advisor and the client.
As a result, such a rigorous process is often reserved for those with enough assets or complexity to make that type of engagement worthwhile for the advisor.
Yet plenty more people need financial direction according to a 2020 survey from FP Canada, only 57% of Canadians said they were were confident they would meet their financial goals (down 10 points from the previous survey in 2018), and 71% do not work with a professional financial planner.
“A lot of people don’t know what financial planning is; they just know they have a lot of questions that aren’t being answered,” said David O’Leary, founder of Kind Wealth, a Toronto-based fee-only planning firm. “They assume it’s no one’s job to help them.”
Melissa Shin
Traditional financial planning involves extensive information gathering, detailed reviews, and dedication from both the financial advisor and the client.
As a result, such a rigorous process is often reserved for those with enough assets or complexity to make that type of engagement worthwhile for the advisor.
Yet plenty more people need financial direction according to a 2020 survey from FP Canada, only 57% of Canadians said they were were confident they would meet their financial goals (down 10 points from the previous survey in 2018), and 71% do not work with a professional financial planner.
“A lot of people don’t know what financial planning is; they just know they have a lot of questions that aren’t being answered,” said David O’Leary, founder of Kind Wealth, a Toronto-based fee-only planning firm. “They assume it’s no one’s job to help them.”
Tourism, child care, student loans are all considered in the 2021-22 spending plan. The 2021 federal budget was announced last week. Oh, you were too busy getting COVID-19 tests and prepping for the local lockdown to care? That s understandable. But now that you ve had a few days to settle into the slowdown, you might like some good news from Ottawa to take your mind off our outbreak. In that spirit, here are the top six things in the federal budget you should know about if you live in Halifax. 1The government is supporting students from low-income households during the c19 pandemic by extending the doubling of the Canada Student Grants until the end of July 2023. This is estimated at $3.1 billion over two years starting in 2021-22.