Here’s how to test your financial resilience

calculator from a group called the Financial Resilience Institute. The calculator weighs your financial stress level and ability to weather unexpected events or financial surprises like the loss of a job or income, or medical costs.

Many households are already stressed as a result of high mortgage rates and food costs. A Financial Resilience Index managed by the institute shows that just 34 per cent of people could be classified as financially resilient in February, compared with 36 per cent in June, 2022, and 49 per cent in June, 2021. Thirty per cent were either financially vulnerable or extremely vulnerable in February, compared to 29 per cent in June, 2022, and 18 per cent in June, 2021.

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