Pattie Lovett-Reid: Canadians are simplifying their financial lives

TORONTO -- We have counted on the consumer for so long to prop up the Canadian economy and that has been a good thing for so many small business owners. However, the reality is hitting consumers after a forced lockdown due to the pandemic, and even as the economy begins to slowly open up, our buying habits are changing.

This shouldn't come as any surprise as the alarm bells have been ringing for some time as the debt levels of Canadians continue to grow and have been bordering on being unsustainable for years. Discretionary spending has come to almost a standstill in many cases crushing small business owners.

It makes sense. Prior to the pandemic 36.8% of us were going to a restaurant for a meal or break once or twice a week. Working from home in many cases outside urban centres results in that number dropping to 23.3%. Simplii Financial also highlights a third of us want to manage our finances and expenses better. And more specifically spending in areas such as food takeout/delivery , household technology and entertainment expenses.

it’t kind hard to complicate your finances when there’s no money coming in.

PattieCTV Sometimes life force us to face reality in an unexpected way. Of Course, we don't need so much to have a joyful life; hope this will help us to: 1 Realize the important things (not material) we have 2 Be more responsible with our finances 3 Keep us out of unnecessary debt😷🤓

PattieCTV still no idea how this women can still be paid by telling us how much we can save on a 15 yr amm vs 25 or that not buying a coffee each morning can add up to one extra payment a yr. In a new educated world unlike when she was doing this at 30 maybe,not today. We know thisPattie!!

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