Residents in the Battlefords are more cautious with their spending habits during the COVID-19 pandemic. (Josh Ryan/battlefordsNOW Staff)

By Josh Ryan

Financial changes

Battlefords residents adjust spending during pandemic

Jan 7, 2021 | 5:53 PM

As the financial landscape in Canada continues to have an uncertain future, Saskatchewan residents are putting more thought into what to do with their money.

Local financial advisors say their clients are taking savings into account, while learning how to limit or redirect spending.

Janaye Chubb, financial planner with Hein Financial, said there’s been a number of new clients over the past few months.

“Finances as a whole are on peoples’ minds a lot more now than they have been,” she said. “I think some of that’s brought on by the uncertainty from the world and the economy.”

“People want to make sure they’re doing right thing and that their financial goals for themselves and their families are being set up properly.”

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Life insurance is one of the most frequently brought up topics, along with critical illness and disability protection, she said.

“The news has had additional morbidity within it, which strikes home for a lot of people,” Chubb said. “People are wanting to make sure protection plans are up to date and in doing so, life insurance comes top of mind.”

With people facing layoffs, even temporary ones, it’s led to new incentive to double check finances.

“There are now instances where people [are] off work for circumstances that didn’t exist before,” Chubb said.

Clients in better financial shape are still saving, she said. She noted most people who have seen drastic increases in their income over the past five years have to look at changes in spending.

“Their expenses are always changing proportionately to their income, but their insurance might not have adjusted,” she said. “We’ve seen a lot of gaps.”

Many middle aged residents are finding several uses for those dollars, whether it’s investments, home renovations or property purchases. However, savings is still a main focus. Braun Rushby, financial advisor for Sterling Mutuals Inc, said the pandemic was a wakeup call for clients.

“A lot of people had high salaries and weren’t really putting money away,” he said. “Now it’s kind of scared them into saving more money.”

A survey by Scotiabank from the fall found nearly 80 per cent of Canadians are more cautious with their money and one in four Canadians have more spending money, thanks to reductions in other areas of life.

Rushby said Sterling Mutuals had a mixture of client behaviours — some are dipping into their savings, while others are increasing their spending. Rushby said it depends on the individual client’s work sector.

Rushby notes the economy is still responding to the various government restrictions put in place. He expects clients to remain cautious for a long time.

“They’re going to want to have a nest egg and be braced in case this could happen again,” he said.

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josh.ryan@jpbg.ca

On Twitter: @JoshRyanSports