Pattie Lovett-Reid: Are we on the cusp of a financial tipping point?
CTV
As many Canadians deal with the 'new normal' of living with COVID-19, CTV's chief financial commentator Pattie Lovett-Reid asks: Are we facing a critical moment and potential financial tipping point?
According to a new report by the Canadian Payroll Association, for millions of Canadians who remained on the payroll since March 2020, the pandemic seems to have been a financial windfall. But now, their gains may be at risk.
Working from home has resulted in reduced costs from commuting, childcare and the virtual disappearance of many forms of discretionary spending.
In fact, according to the 2021 Canadian Payroll Association Annual Survey of Working Canadians, 53% have been able to save more money than a year ago, and fewer (36%) are living paycheque-to-paycheque than at any time in the past 13 years.
The question remains, however: will the frugal new behaviours forced upon us during the pandemic translate into habits that stick?
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