{"id":13063,"date":"2020-03-31T08:00:06","date_gmt":"2020-03-31T12:00:06","guid":{"rendered":"https:\/\/www.zolo.ca\/news\/?p=13063"},"modified":"2022-01-14T12:44:40","modified_gmt":"2022-01-14T17:44:40","slug":"balance-financial-guilt","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/balance-financial-guilt","title":{"rendered":"How to Balance Financial Guilt During a Global Pandemic"},"content":{"rendered":"\n

Who knew that a global pandemic would be what took our feeling of <\/span>financial security<\/span><\/a> and flip it upside down? For some of us, it\u2019s a time of feeling grateful for a steady income, health and a safe place to practice physical distancing. For others, it\u2019s a scary and uncertain time, with no end in sight. <\/span><\/p>\n\n\n\n

No matter the situation, every single individual has taken a financial hit throughout COVID-19. In one week alone, <\/span>half a million Canadians filed for employment insurance<\/span><\/a>.<\/span><\/p>\n\n\n\n

Each generation is navigating a different time in their life. For Gen-Z, it\u2019s meant a huge adjustment to their progress in education. For millennials and Gen-X, it\u2019s likely their first time dealing with an economic downturn as an adult. For boomers, it\u2019s probably having a significant impact on their current or future retirement plans. No matter who you are, it\u2019s not easy to cope with the uncertainty. <\/span><\/p>\n\n\n\n

I\u2019ve been feeling a lot. I\u2019m not sure what to call these feelings, other than financial guilt \u2013 and it weighs heavily on my heart. <\/span><\/p>\n\n\n\n

In this particular circumstance, the feeling captures my indecision about balancing my responsibility to my immediate family with my desire to help others in need. It\u2019s not the first time I\u2019ve felt this way, but the impact of COVID-19 and the current variables surrounding this global pandemic has made these feelings that much stronger. <\/span><\/p>\n\n\n\n

How to Deal With Financial Uncertainty<\/b><\/h2>\n\n\n\n
\"financial<\/figure>\n\n\n\n

Ultimately, the number one way to combat the unknown is to do as your flight attendant would say and put on your own oxygen mask first. After all, if you don\u2019t protect yourself, you won\u2019t be able to help others, either.<\/span><\/p>\n\n\n\n

If you are fortunate enough to keep your job, it might look and feel a lot different than before. If you are suddenly at home without work, you might be feeling panicked. <\/span><\/p>\n\n\n\n

\u201cFor people dealing with an increase in stress, choices are likely driven by emotion,\u201d says financial expert, David O\u2019Leary. \u201cSometimes, it\u2019s good to look for a calm and collected opinion.\u201d<\/span><\/p>\n\n\n\n

To help, his company, <\/span>Kind Wealth<\/span><\/a>, is offering free financial consultations for those unsure of what options are available to them during COVID-19. Plenty of other Canadian financial advisors and not-for-profit organizations have also offered up their time to support those in need.<\/span><\/p>\n\n\n\n

In the meantime, O\u2019Leary provides perspective in the sense that although every financial situation is dramatically different, both require some thought. He poses the questions: how can you protect yourself in the coming months, and how will you be affected? <\/span><\/p>\n\n\n\n

To answer these questions, O\u2019Leary says you\u2019ll want to consider the following:<\/span><\/p>\n\n\n\n