Worried about layoffs? How to protect your job, finances amid recession fears
Global News
In the event of a potential recession, two Canadian financial planning experts say the key things are to become indispensable in the workplace and to have an emergency fund.
In the event of a potential recession in Canada, some financial planning experts say the key to job security is becoming indispensable in the workplace and to have an emergency fund on the side at a time when “the economy is changing.”
“A lot of tech companies have done major layoffs and I think that’s a sort of a signal of the times we are in … the economy is changing … businesses are contending with higher prices for oil and supply-chain issues that are increasing costs for employers,” Jackie Porter, a certified financial planner and adviser, told Global News.
“So, I think these pressures … are making people feel less secure in their jobs and wondering if some of the tech spillovers as far as layoffs will end up in their laps,” Porter said.
READ MORE: Inflation will chart Canada’s economic fate, Ottawa’s fiscal update shows
A slew of startups and tech giants as prominent as Netflix, Shopify, and Wealthsimple have slashed their workforces in the past few months as the sector grapples with fading investor exuberance and a potential recession.
On Thursday, the federal government did not state outright in its projections whether it believes Canada will fall into a recession, but a chorus of voices predicting such a downturn continues to grow louder.
A consensus of economists polled back in September projected “significantly weaker growth” in the economy than predicted in Ottawa’s budget this past spring. According to the 2022 Fall Economic Statement, the new baseline forecast sees overall gross domestic product (GDP) growth of “just above zero for the next several quarters” and unemployment rising to 6.3 per cent by the end of 2023.
The fall projection statement put the odds of a recession in Canada at 40 per cent.
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