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In recent months, you’ve likely found yourself budgeting as much as you can yet no matter how hard you try, your savings just can’t catch a break!

If that’s the case, you’re not alone.

According to a recent study conducted by the British Columbia public opinion database, Research Co., 45% of British Columbians say their household’s financial situation is worse now than before the COVID-19 pandemic.

Of the 800 BC residents polled, “two in five British Columbians aged 18-to-34 (40%) say their household’s finances are not at the level they were in February 2020,” said Mario Canseco, President of Research Co. 

“The proportions are higher among those aged 35-to-54 (47%) and aged 55 and over (46%).”

When it comes to saving for retirement or a “rainy day,” 71% of British Columbians agree they are struggling the most in this area, while 66% have admitted to struggling to save when it comes to leisure. 

As inflation continues to impact Canadians, those living in BC have now received additional funds this month through GST credit as a way to support residents through this time of inflation. 

Related: Here’s why most BC residents GST credit came with additional funds this month

BC’s Minister of Finance, Katrine Conroy, says she wants British Columbians to know that their government is thinking about them.

“The winter season often brings extra expenses for people and, with the rising costs we’re seeing around the world, it can add stress to already stretched household budgets,” said Conroy.

The province said 85%of British Columbians could receive up to $164 per adult and $41 per child this month automatically through the Canadian Revenue Agency (CRA).

How the payment works

Low income individuals making up to $36,901 will receive the maximum amount. Those making more than $79,376 will not receive anything. Between those two amounts, eligible individuals will receive money on a sliding scale based on their income. 

Families with two children can receive up to a total of $410. 

BC Family Benefit 

In addition to the affordability credit above, that credit will also come alongside an enhanced BC Family Benefit payment.

For the next three months, 75% of families could see as much as an extra $58.33 per child.

“We’re focused on helping the people and families who need it most right now, and we are in a strong position to continue this support,” Conroy said in a statement. 

“No matter what is on the horizon, we’ll continue to be here for British Columbians.”

For those still looking for creative ways to save in 2023. Victoria Buzz recently talked to  Lindsey Plumb, Founder and Chief Financial Coach at Moola Financial about seven ways to change your spending habits heading into the new year.

With files from Curtis Blandy.

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