Get the Help You Need During a Personal Financial Crisis
Whatever the state of the economy, a personal financial crisis can strike at any time—often, all it takes is a job layoff, medical crisis, divorce, or other upheavals. According to a report by Pew Charitable Trusts, in the past year alone 60% of households faced a serious unexpected financial obstacle—and half of these households were unable to recover within six months.
Not only is a crisis financially draining, but it can also be emotionally destabilizing—making stress levels skyrocket. Though it may be hard to believe in the midst of a financial crisis, recovery is possible. To help, we’ve listed eight government, community, and online resources that can help you cover your living costs, feed your family, and get back on your feet.
Five ways to find help with financial recovery after a crisis:
1. Employment insurance (EI)
When you’re employed, money is deducted from your paychecks to pay for unemployment insurance. If you lose your job, you can tap this insurance policy. The federal government offers EI provides temporary income support to unemployed workers while they look for employment or to upgrade their skills. Eligibility includes illness, pregnancy, critically ill or injured, caring for a newborn, or a family member who is seriously ill with a significant risk of death. To apply for EI visit the unemployment benefits website.
2. Canada’s COVID-19 Economic Response Plan (CERB)
The Canada Emergency Response Benefit (CERB) gives financial support to employed and self-employed Canadians who are directly affected by COVID-19.
3. True North Aid
True North Aid is dedicated to closing the poverty gap that Northern Indigenous communities in Canada face by launching projects based off of eight key beliefs: self-determination, reconciliation, water, food, health, housing, hope and education.
4. Pathways to Education
In low-income communities across Canada, high school dropout rates can reach 50 per cent or more. The registered charity hopes to give all youth an equal opportunity to graduate from high school and build the foundation for their future success.
5. Crowdfunding
For those facing an acute financial crisis, it can be a challenge to ask for—and receive—help. Creating a fundraiser is often an easier and less awkward way for people to ask friends and family for help getting back on their feet. Starting a fundraiser can also help secure funds faster than government programs—on GoFundMe, for example, you get access to your funds throughout your fundraising, not just at its conclusion. With a 0% platform fee, GoFundMe is free to use and you get to keep more of the money you raise.
Get back on your feet after a personal financial crisis
With a little help, you can get the support you need to overcome a financial crisis. Take advantage of these resources if you need them. We’re all in this together. For more tips read Tips for Building a Healthy Emergency Fund and Finding Financial Help for Single Parents.