Why Now? Launching $HMONEY in a Pandemic World

01.01.2021 - By: Anastasia Barbuzzi

Is there ever a right time? Is a question that used to annoy the heck outta me. In most cases, there is a right time: a right time to seek employment, a right time to buy a first car, a right time to end a relationship that’s no good for you, a right time to move out of your parent’s house…

The list could go on and on. That said, the ‘right time’ I’m talking about is unique to every one of us. It’s situational.

Though I’ve been mulling over the idea of $HMONEY for over two years and actively working on the project for close to one, (as you’ll read more about here ), I realized there’d be no better time to release it into the world than right now. The effects of COVID-19 were completely unimaginable before the virus took entire countries by storm, so how could anyone have been prepared for it? The stock market crashed, schools closed, jobs were lost, governments ordered quarantines and travel bans. Plus, unlawful price adjustments were made to what most people now consider basic human needs (hi, hand sanitizer).

Some of these things are temporary and some are not. The world might seem like it's crumbling with every day that passes while locked inside our homes, (if we’re lucky enough to have a safe place to stay during this time), and pauses on things like student loan repayments here in Canada were only going to last for so long. If we come out of the pandemic as unprepared as we fell into it, there’s no question that panic will ensue. In fact, it already has.

What am I gonna do? Is a question that many people who lost their job at the mention of ‘state of emergency’, have young families to provide for, struggle to curb their spending habits and pay down their student debt will likely ask themselves when they have to face a post-pandemic world with (still) no job, the same liabilities and same ol’ interest rates on debt they’ve incurred.

Times are tough. For many, dealing with the effects of the pandemic has been scary and anxiety-inducing. Those already living with mental illnesses and addictions are finding it harder to cope, and in some cases, the mounting pressure of a negative financial situation isn’t helping.

A survey conducted in May by the Centre for Addiction and Mental Health (CAMH) revealed that women, people with children under the age of 18, and adults between the ages of 18 and 39 were hardest hit by anxiety and depression at the beginning of the crisis. Additionally, a new report from Borrowell declared that three in four Canadians are currently experiencing financial stress. Only six per cent of people feel financially secure while 19 per cent are fearful of increasing personal debt during this period. Looking forward, 32 per cent have no plan in place if funds run too low to pay bills, claiming, “I don’t know what I would do”.

In comparison, nearly half (45 per cent) of U.S. adults have reported that their mental health has been negatively impacted due to stress over the virus, according to a poll by the Kaiser Family Foundation conducted in March. Another survey by the National Foundation for Credit Counseling found that 69 per cent of Americans ages 18 and up have financial worries.

...Going back to what I said about there being no better time to put $HMONEY out into the world: if the conversations on $HMONEY Radio can be of assistance or comfort to those feeling buried under the weight of financial responsibility when staying safe and healthy should be their main concern, I hope they can be. That’s the goal: to address the fact that if personal finance is something you’ve felt shame over, been stressed about or too afraid to discuss, you shouldn’t have to feel that way. The stigma surrounding money and personal finance needs to be talked about. Now, more than ever before.

There’s something to learn from these conversations. They’re freeing. The lessons they teach give us power to move forward and recover our losses. Being confident in the language of financial literacy is empowering. It’s a way to arm yourself with knowledge that can guide you to a healthier, more independent and less stressful existence once you learn it’s vocabulary. It’s a way to get through the trial period that we’re all facing.

In upcoming episodes on $HMONEY Radio, I speak with female business owners, artists, entrepreneurs and thought leaders who are taking the ever-changing nature of the pandemic in graceful stride while continuing to innovate, create, inspire and advocate for their ideas to stay alive.

In an episode entitled Millennial Money, financial coach Silvi Pukitis will talk about the biggest issues young women had with money in 2020, the importance of basic financial literacy, how it can impact our future, and what steps everyone can put in place now to prepare, no matter where you’re at.

In an episode entitled Money as an Exchange of Energy, healing practitioner Lisa O’Connor will demystify the concept of money as an exchange of energy and provide helpful reminders for detaching monetary value from potentially meaningful connections and experiences.

In an episode entitled Embracing Artistry, Ashley Klassen will give practical tips to women who are bootstrapping their own businesses, talk about what it’s like to ask for help, and how COVID-19 affected her photography studios (thanks to a lack of government funding).

Thank you for tuning in. Remember, there’s a number of free resources to turn to if you need help. Take the list below for example:

Find COVID-19-related mental health resources by province or territory on the Mental Health Commission of Canada’s website.

The Government of Canada has put together a full page of information on ways to support your mental and physical health throughout the pandemic. From emergency services to federal programs organized by province/territory, find help here.

CAMH is offering several different services to help those affected by mental illness and addiction. Find more information about coping strategies for stress and anxiety here.

You can read up-to-date information about COVID-19, browse a collection of mental health resources and call or text a toll-free number if you’re in crisis. A CSPS responder is here to help from Crisis Services Canada.

In addition to Employment Insurance (EI), other forms of financial support are available from the federal government’s COVID-19 Economic Response Plan. Read more about them here.

Find a full list of Ontario-based financial and mental health services here.

If you’re a post-secondary student, considering using Good2Talk: a 24/7 service that offers confidential support through phone and text.