The COVID-19 pandemic is taking a toll on the financial situation of the general population of Canada.
Among the most affected are young Canadian Filipino adults, based on the results of a survey commissioned by Toronto-Dominion Bank or TD Bank.
“Canadians, especially younger and diverse Canadians, have been hard hit by this public health crisis and trusted advice is critically important in helping them understand their options and navigate their financial situation,” Frank Psoras, senior vice president for customer strategy and innovation at TD Bank, said in a media release.
The survey revealed that adults under the age of 34, and those from certain communities, including Black, Indigenous and People of Colour (BIPOC), are among the most likely to experience financial insecurity, job losses, and reduced income because of the pandemic.
The poll showed that 66 per cent of Canadian respondents aged 18-34, compared to 38 per cent of Canadian respondents aged 55+, have experienced or anticipate experiencing unemployment or reduced hours as a result of COVID-19.
As a result, according to the media release, younger Canadians may be more likely to struggle to meet basic financial obligations like buying groceries or paying their rent or mortgage.
The highlights of the survey include:
- 69 per cent of Filipino, 65 per cent of South Asian, and 64 per cent of Black Canadians have experienced or anticipate experiencing unemployment or a reduction of income within the next three months due to COVID-19, compared to only 53 per cent of the general population surveyed.
- 27 per cent of people with disabilities expect to be late paying their rent or mortgage as a result of COVID-19, compared to 20 per cent of the general population surveyed.
- 28 per cent of Indigenous peoples expect to borrow money for essentials due to COVID-19, compared to 19 per cent of the general population surveyed.
- Only 27 per cent of South Asian, 30 per cent of Indigenous peoples and 31 per cent of Chinese Canadians feel they know who to turn to for financial advice as compared to 40 per cent of the general population surveyed.
TD Bank has launched TD Ready Advice, an online site to help clients respond to their financial situation. See here: https://www.td.com/ca/en/personal-banking/ready-advice/