Latest news with #emergencyfunds
National Post
21-05-2025
- Business
- National Post
New Survey Finds 61% of Canadians Are Reconsidering Major Life Decisions Due to Increasing Cost of Living
Article content Article content VANCOUVER, British Columbia — This morning, Canadian fintech Spring Financial released its inaugural Spring Clean Your Finances Report. The report takes a deep dive into how Canadians are approaching big financial goals including emergency funds, retirement savings, major life expenses, and 2025 travel plans. Article content According to the report, over half of Canadians (61%) say that the rising cost of living is making them reconsider major life decisions, a number that's even higher (70%) for parents with kids at home, and a staggering 44% do not believe they will be financially secure in retirement. Article content 'We support millions of Canadians that need financial support, often for unexpected expenses that simply stretch their bank account too far,' shared Tyler Thielmann, President and CEO of Spring Financial. 'To see how many Canadians currently feel unable to save money for an emergency is disheartening which is why we're encouraging Canadians to spring clean their finances this season. This is truly a great time to pause, assess, and make a plan to help set yourself up for a successful financial future.' Article content Detailed report findings include: Article content Saving Stressors Article content 41% of Canadians are not currently able to save money each month after paying for all their necessary expenses. 70% of Canadians have money set aside to use in case of an emergency however 40% of Canadians are financially unable to save enough for an emergency or rainy-day fund. 79% of Canadians feel confident in their financial knowledge and ability to manage their money. Article content Vacation Reservations Article content Over half of Canadians (61%) are planning to cut back on vacations or travel this summer. One fifth (20%) of Canadians shared that they have taken on debt specifically to fund a vacation before. Over one quarter (37%) of parents with children at home have taken on debt specifically to fund a vacation before. Article content Risky Retirement Article content Just over half of Canadians (54%) believe they will be financially secure in retirement. Millennials (50%) and Gen X (52%) are the most likely to feel financially unprepared for retirement Baby Boomers (68%) and Gen Z (53%) are most likely to feel financially prepared for retirement. Article content Parenting Pressure Article content Parents with kids at home are less likely to: Article content have a budget (60% vs. 64%) be able to put money away each month (53% vs. 61%) have an emergency fund already set aside for unforeseen expenses (64% vs. 72%), and be able to save emergency fund money every month (51% vs. 63%). Article content 'For anyone looking to review their finances, we recommend starting with an assessment of your current financial situation and goals,' added Thielmann. 'Reviewing your income and expenses, creating a budget, and planning for major expenses –whether that's travel, buying a home, or building an emergency fund– can help build a strong foundation for your financial future.' Article content For more information about this report, visit Article content These findings are from a survey conducted by Spring Financial from March 13th to March 17th, 2025, among a representative sample of 1,500 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.53 percentage points 19 times out of 20. Article content Spring Financial provides Canadians with quick access to financing. With a convenient process that can be done entirely on your device, Spring Financial is an easy and technologically advanced solution to securing a loan when the need arises. Customers are given the best-fit option from a suite of financial products that are designed and offered based on their profile. Spring Financial makes borrowing smarter, more transparent and more efficient. Since launching in 2014, Spring Financial has become one of the largest fintech companies in Canada with over two million applicants and 350,000 funded loans. To learn more about Spring Financial, visit Article content Article content Article content Article content Article content Contacts Article content Article content
Yahoo
17-05-2025
- Business
- Yahoo
What to Consider When Applying for Personal Loans in Baton Rouge
NEW YORK CITY, NY / / May 17, 2025 / There are a number of reasons why you might apply for a personal loan in Baton Rouge. Perhaps you are looking to make improvements to your home, pay for emergency medical bills, or cover the cost of a large celebration like a wedding. No matter the goal, there are a number of factors to keep in mind. If you are looking to apply for loans in Baton Rouge to help you move forward on a project or find additional financial support during a challenging time, carefully consider the following information before you sign on the dotted line. Think through your needs One of the perks of a personal loan is that it can be used for many different situations. Personal loans are a handy tool for covering moving costs, financing a new vehicle, consolidating your debt into more manageable repayments, or affording an urgent and unexpected situation. While taking out a personal loan is often better than other alternatives such as racking up credit card debt at a potentially higher interest rate or stretching your savings too thin, you are still borrowing money. Make sure you know exactly why you need a personal loan, what it will be used for, and how much money you need before you apply. Review your financial profile Applying for a personal loan or any other type of monetary support from a financial institution often requires a check on your credit score, credit history, and income. Personal loans can be either secured or unsecured, meaning you may or may not have to put up collateral like a house or car to secure the loan. It's helpful to consider the qualifications for a personal loan before you apply since your financial profile will likely impact the terms of your loan. What kind of interest rate are you likely to get? How long will you have to repay the loan? Is there anything you can do before you apply to strengthen your application? Remember, whichever type of personal loan you get, you'll need to pay it back on time and in full in order to protect your credit score and overall financial well-being. Create a plan to pay it back Personal loans are attractive in part because you could be approved relatively quickly, sometimes the same day you apply, and they have a predictable monthly repayment schedule. Once you secure the loan, you'll know exactly how much you owe each month and for how long since the interest rate will be fixed and the payoff date is set from the start. This is helpful because it helps you to plan ahead. Consider how the loan repayments fit into your monthly budget. Do you need to make changes to your overall spending to afford the loan repayments? Will you be able to make the payments on time and in full? Should you consider a different loan with better terms? Make sure you have the resources to pay back whichever loan you secure without going into more debt that could end up being unmanageable. Make the most of your personal loan Applying for a personal loan to help with expenses in Baton Rouge is a significant financial decision, but it doesn't have to be intimidating or overwhelming. Think through what you need, review your financial profile, and create a plan to repay the loan. Carefully considering these important parts of securing a loan will help you meet your financial needs and make the most of your loan. SPONSORED CONTENT Contact Information: Name: Sonakshi MurzeEmail: Title: Manager SOURCE: iQuanti, Inc. View the original press release on ACCESS Newswire
