Media Release

FOR IMMEDIATE RELEASE

November 16, 2022

Money is the primary stressor for Saskatchewanians

Advice for coping with financial stress

(Wednesday, November 16, 2022 – Saskatchewan) – Money is a primary source of stress for Saskatchewan residents, according to Conexus Credit Unions’ (Conexus) Perceptions of Financial WellBeing Among Saskatchewan Residents Survey, conducted through Insightrix Research at the end of 2021.

Not only did the survey find that money is a top stressor, but that two in five Saskatchewan residents say they’ve lost sleep because of their financial worries. It also found Saskatchewan residents feel most comfortable talking to their loved ones and co-workers about money. While Financial Advisors were noted as trusted sources for financial advice, only 48% of respondents said they seek financial advice from a Financial Advisor.

“For many of us growing up, money wasn’t something we often talked about. While this is starting to change and become more of a discussion item, it can be intimidating to talk about money especially when you’re not feeling too great about your financial situation,” said Joel Graham, Financial Wellness Manager at Conexus Credit Union.” Financial stress can have effects on your physical, emotional and mental health including insomnia, depression anxiety, relationship difficulties, social withdrawals and more. Here at Conexus, it’s free to talk to our financial advisors who are here to listen and provide you with unbiased advice that is personalized to fit your needs, helping to reduce any financial stress you may be feeling. We want to help ensure you sleep at night!”

Advice to reduce financial stress

If money makes you feel stressed, here are a few tips on how you can reduce this financial stress.

• Talk to a financial expert. Talking to your family and friends can be good, however, a financial advisor has training and experience to listen and provide you with the unbiased advice you may need to help you and your financial situation. What many people don’t realize is that many financial institutions offer financial advice for free – we do at Conexus!

• Have a plan. Create a financial game plan by outlining your financial goals and a budget. Ask yourself:

1. What is my income and what are my fixed expenses (the expenses that are non-negotiable such as mortgage payments, rent or bills)?

2. Where can I cut my spending, such as eating out, etc.?

3. What are my goals, and how much do I need to save for each goal?

4. What are my priorities?

5. What room do I have in my budget for savings?

Once you have a budget, be sure to actively track your spending to ensure you’re staying on track and adjust where needed but without going over.

For your financial goals, set up automatic deposits each pay cheque, so money comes automatically out of your accounts and is deposited into your savings accounts. Set small milestones for your larger financial goals, and when you reach those milestones be sure to celebrate!

• Pay off debt: Trying to manage and pay off your debt can be stressful. There are different approaches to paying off debt, but each approach may not work for everyone. Speak to a Financial Advisor and come up with a repayment plan that works for you.

• If you are juggling multiple debts, one option that may be available to you is debt consolidation. This means you combine all your debt, such as credit cards and other loan payments, and roll into one loan or monthly payment, making it a bit easier to manage.

• Build your financial education: On November 29, 2022 at 12 p.m. CST, Conexus is hosting a FREE, virtual Budgeting 101 webinar. Participants will learn the benefits of creating and following a budget, identify needs vs. wants to see where their money is going, and learn how to create a budget to help them along their financial journey and to achieve their financial goals. Anyone can register at: tinyurl.com/5n8t2u2n

Conexus also does financial literacy presentations on a variety of topics in Saskatchewan schools, businesses, community organizations, non-for-profits, senior centres and more. If you’re interested to learn more and schedule a presentation, visit www.conexus.ca/AboutConexus/Community/FinancialLiteracy/

Financial literacy is a critical life skill and something we at Conexus are actively educating and bringing awareness to the community. To learn more about Conexus or book a free appointment with a Conexus Financial Advisor, visit Conexus.ca.

For media inquiries, please contact:

Conexus Media Relations

Phone: 306-751-8201 | Email: publicrelations@conexus.ca

ABOUT CONEXUS CREDIT UNION

Conexus is a forward-thinking, innovative credit union committed to improving the financial well-being of our members and communities. We are one of Saskatchewan’s largest credit unions and being connected to our communities across the province is a commitment we have upheld for the last 80+ years. Working alongside our community investment partners enables us to deliver our purpose and in the last five years, we’ve invested over $9.5 million back into communities across Saskatchewan. To learn more, visit Conexus.ca.

ABOUT THE PERCEPTIONS OF FINANCIAL WELL-BEING AMONG SASKATCHEWAN RESIDENTS SURVEY

Research on financial well-being and perceptions is available through Canadian data and surveys, however, the specific research for Saskatchewan is unknown. As a local business serving our local communities, Conexus knows that Saskatchewan is unique. The 2021 Perceptions of Financial Well-Being Among Saskatchewan Residents survey was designed to shed light on Saskatchewan residents and their behaviours, perceptions, connections, and feelings with money.The survey was conducted through Insightrix Research Inc. and surveyed over 1,200 residents from across Saskatchewan. This report highlights some of the key research findings.