VANCOUVER (NEWS 1130) – Many Canadians continue to be uncomfortable talking about their financial situation, a new survey has found.
A lot of us have suffered financially since COVID-19 took hold last spring. Despite the fact many of us are going through the same thing, a survey from TD Bank has found we are still very uncomfortable talking about money, with 34 per cent sharing their reluctance.
According to TD Bank, 46 per cent of respondents said their family’s finances were negatively impacted by the COVID-19 pandemic.
About nine per cent say they are embarrassed by their own situation.
So, what would we rather do than talk finances? The bank’s survey has found 59 per cent of respondents would prefer to to go for a physical with their doctor, 56 per cent would rather clean their house “from top to bottom,” 40 per cent would rather talk about the weather, and 24 per cent would delve into politics before chatting about their money problems.
Fewer people — eight per cent of survey-takers — said they’d even rather talk religion than their finances.
Many of those who’ve said talking about money makes them uncomfortable chalked it up to “good-old Canadian courtesy,” TD Bank reports, adding many indicated they didn’t think it was polite to talk about money.
Others said they didn’t want to sound like they were bragging if they talked finances, while some just didn’t want to be judged.
On top of being reluctant to talk about our financial situations, the survey has found many of us also don’t know where to turn for help. Many would also rather suffer in silence than ask for help to reach their financial goals.
One in 10 surveyed said they’d rather get a root canal than meet with a financial advisor.
Meanwhile, new data from Scotiabank finds the COVID-19 pandemic has pushed a number of Canadians to keep spending down and become better savers.