Cross Country Checkup

As global recession fears rise, it's time to look at your money, finance expert says

Ahead of potential market changes, finance expert Kelley Keehn says it’s a good time for Canadians to check where money is being “robbed” from them and consult a professional if you're struggling.

'Money continues to be the number one source of stress,' Kelley Keehn says

Finance expert Kelley Keehn encourages Canadians struggling with their finances to reach out to a non-profit financial counsellor. (Peter Scobie/CBC)

With economists predicting a recession may be on the horizon, finance expert Kelley Keehn says Canadians should take stock of their money.

"If you're already feeling a little uneasy with a recession coming, this is a great time," Keehn, a consumer advocate for FP Canada, told Cross Country Checkup host Duncan McCue.

In recent weeks, economists have pointed to global forces — like trade tension between the U.S. and China and an inverted yield curve in the markets — as a sign that Canada could be susceptible to a downturn. 

While Canada's economy is doing well, generally, the cost of living is top of mind for Canadians.

On Sunday, Checkup asked Canadians what worries they have for their pocketbook going into the October federal election. Callers expressed concerns over rising housing prices, income inequality and the economic effects of climate change.

Kelley Keehn is an author, personal finance expert and consumer advocate for FP Canada. (Submitted)

"Over health, over work, over relationships, money continues to be the number one source of stress," Keehn said.

"Regardless of what's going on with the economy, when we're ignorant to our own finances it actually becomes really dangerous."

Keehn suggests speaking to a financial planner who may be able to help find tax credits and grants that may have been hiding.

"When it's January 1, for example, and we want to get in better shape, what do we do? We reach out for help. We go and see a nutritionist, a doctor, a personal trainer," she told Checkup. 

"When it comes to our money, we fail to remember that there's folks out there that can help you see blind spots and help you create a plan that you're not going to be able to see."

Ahead of potential market changes, Keehn says it's a good time for Canadians to check where money is being "robbed" from them, pointing to bank fees and credit card interest.

For those struggling financially, she suggests working with a non-profit credit counsellor who can help create a plan. 

"We would never think of curing our own cancer. You don't have to cure your own financial situation, but ignoring it doesn't make it better," she said.

Click or tap Listen above to hear our full interview with Kelley Keehn, and click here to hear the full episode.


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