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Nearly one in 5 B.C. Households behind on payments in COVID-19 pandemic.
5-01-2020
Nearly one in 5 B.C. Households behind on payments in COVID-19 pandemic.
New survey highlights similar impacts of income reduction among residents of Ontario and Alberta
March 26, 2020 (Calgary, Alberta) A new survey finds families and individuals in British Columbia are already falling behind on personal finances during the COVID-19 crisis. A study conducted by Bromwich+Smith Licensed Insolvency Trustees with Leger Research, reveals over 51% of households in British Columbia have experienced an immediate income reduction. 19% of B.C. families are already behind on payments with credit cards, utilities and cell phone bills being the first to lag behind. The survey finds 47% of British Columbians say they are worried about falling behind at some point in the future.
“The results are quite staggering really. Of course, we get a sense of what is happening when we read the news, but the survey results make it far more real having interviewed 750 people across BC, Alberta and Ontario,” says David de Lange, Senior Vice President of Leger Research.
The survey conducted over a 24 hour period on March 23, also found in Ontario 49% of families have experienced an income reduction and 19% are behind on payments. In Alberta, 49% are experiencing lower incomes and 24% are already behind on monthly bills.
How do British Columbians adjust to unexpected reduction or loss of income? How do families continue to make vital payments while still having enough cash to cover essentials like rent, utilities and groceries?
The study revealed that most B.C. residents will first reach for federal and provincial government assistance (34%). 25% suggested that they “don’t know what to do” nor what action to take immediately.
“During these unprecedented times, it is important that British Columbia residents know it is okay to reach out to professionals for financial advice. There is no shame in struggling with finances – we are all in this together”, said Jasmine Marra, Vice President at Bromwich+Smith. “If you are unable to pay your debts as they become due, B.C. residents need to reach out to access government programs offered, call their mortgage lender to see if a deferral could work for them or call a licensed insolvency trustee to understand if restructuring debts makes sense for their current state.”
Licenced Insolvency Trustees, Bromwich+Smith have debt relief specialists available to offer debt advice and debt restructuring entirely from the comfort of your own home. The first in the industry to offer video appointments with clients, Bromwich+Smith’s Debt Relief Specialists are available for initial consultation by phone at 1-855-884-9243 or via www.bromwichandsmith.com.
Footnotes: Footnotes: Taz Rajan Community Engagement Partner
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