You’ve likely noticed the increasing prices of many of the foods your family enjoys. Sirloin steak now costs almost 18% more than it did five years ago, and a pound of butter will cost you almost 17% more. When the costs of goods and services increase (inflation), The Bank of Canada, in partnership with the Canadian government, raises interest rates to try and keep inflationary increases within a range of 1% to 3%.
Many of us are feeling the impacts of rising prices at gas pumps, restaurants and grocery stores. This is why we wanted to provide our Members with some information on financial wellness so that we can each protect ourselves and our families in today’s bumpy fiscal environment.
While it is not clear where our economy is headed, understanding the options and choices for maintaining a solid financial plan will help ease some of the anxiety associated with this period of uncertainty. There is growing evidence that our ability to remain resilient during times of financial stress can positively affect both physical and mental well-being.
It is in this spirit that we’d like to share some pointers for protecting you and your family.