For many in 2019, the suggestions of getting life insurance, or saving a little extra, seemed like something that can happen “later”. In 2020, “later” happened.

Blaine McDonald is a financial planner with the World Financial Group. He has seen a huge increase in business since the Covid19 Pandemic began.

“The need is now greater than ever,” MacDonald said. “So people that I talked about disability last year are calling and saying let’s get serious. The needs are more intensified.”

Pandemic or not, McDonald says the idea of a financial plan is extremely important. Especially if you are about to start or graduate from post-secondary.

Blaine says planning your financial future is easier when you are younger.

“On the one hand, when I was 20 I felt invisible. I’m going to live forever and take risks like crazy. But this is the time to insure yourself against the unfortunate”, MacDonald said. “It’s so inexpensive”.

McDonald also adds he has several clients regret not doing that earlier.

“A lot of people wait until they are married at 25-30. Or have a career at 35-40. But life insurance rates increase as you get older.”

McDonald also says that no matter which financial planner you meet with, there will be one consistent piece of advice you will get. Especially if you are a millennial.

“It is recommended that you have a 3-6 month salary saved and accessible. Not locked away in a pension. We’ve seen through this pandemic that many Canadians don’t.”

“In a recent poll with Statistics Canada,  84% do not have that plan. And the 16% that do consider living off credit. In other words, they paid off their credit cards and living off of them.”

“That’s not living off emergency funds”, McDonald challenged. “That’s living off of debt.”

According to the most recent Bank of Canada studies, the average debt held by Canadians, excluding mortgages is $20,759.