(File photo/paNOW Staff)

By Alison Sandstrom

Savings surge

Savings accounts, life insurance top of mind amid pandemic

Jan 4, 2021 | 1:00 PM

More people are looking to build a financial cushion after the upheaval and uncertainty of the past year.

Adriann Locke, a financial advisor with Thierman Finanacial, told paNOW she’s seen an increase in inquiries from people interested in saving accounts and emergency funds.

“I think people are really concerned about security right now and the financial aspect of that is really important to them,” Locke said. “So we are definitely seeing people putting more money aside because they don’t want to be stuck in the situation they were in last year.”

That increased interest in financial stability is compounded by the fact people who were able to hang onto their jobs during the pandemic may be finding themselves with a bit of extra money at the end of each month. A survey by Scotiabank found one in four Canadians have been able to save more during the pandemic because of reduced spending in other areas of their lives, including eating out, entertainment and commuting.

Increase demand for life insurance

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Tracy Feher, a financial security advisor at Feher Financial said she sees people looking to put surplus money toward tax free savings accounts, but more pronounced has been a surge in people interested in life insurance policies.

Feher said the pandemic gave people more time to think, and in some cases – though she acknowledges it might seem gruesome or crass to talk about – they’re thinking about death.

“People see people around them dying and things happening that were unexpected,” Feher said. “And when unexpected things happen it causes us all to have a little shift in what we’re thinking about.”

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alison.sandstrom@jpbg.ca

On Twitter: @alisandstrom