Extended work absences can have a lasting effect on your personal finances

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September is almost over and the cool winds of October will soon be here, and for more than a year and a half, the COVID-19 pandemic has wreaked havoc on the lives and livelihoods of Canadians across the country. Vaccinations continue to rise and many restrictions have been lifted across Canada, but by the time we’re able to return to any extended semblance of normalcy, many people will have been out-of-work for close to two years. And even if you’ve been receiving government assistance in the meantime, these same people may experience financial hardship in the future. At RPI Consulting Group, we’re recommending that all healthcare employees who have been out-of-work for an extended period of time – including pharmacists, registered pharmacy technicians (RPhT), pharmacy assistants, nurse practitioners (NP), registered practical nurses (RPN), licensed practical nurses (LPN), registered nurses (RN), personal support workers (PSW), healthcare aides and more – head back to work as soon as possible. Read on to find out why.

Think of the future

We understand that many out-of-work healthcare professionals have been thrust into a situation that they may have little to no control over. For example, you might be choosing not to work out of an abundance of caution for not just your own health, but the health of your family and loved ones. This is certainly admirable, but it’s important to remember that the longer you’re out of work, the greater an effect it can have on your future (and current financial situation).

Let’s say that in a year or two, you decide that you’d like to take out a loan for a new car, or you’re looking to get approved for a mortgage. Your financial institution is going to look at your past few years of income, and if you’ve been out-of-work for 2+ years due to COVID-19, the odds of being approved for such a loan will drastically go down.

Not playing the blame game

We want to reiterate that we’re not trying to place any blame on anyone for choosing or being unable to work during the pandemic – it’s been a difficult period for us all, and your health and that of your family is always the most important thing. With that being said, if you’re fully vaccinated or you will be fully vaccinated in the near future, going back to work can allow you to pad up your net income. Every financial institution has metrics when it comes to finding out how much you can be approved for (regarding a loan or a mortgage), and in 2-3 years from now, you can realistically build that net income back up to a point where you’ll be in a much better financial situation.

In closing

Obviously, you can’t get back to work if you’re not ready, but if you’re feeling ready and you’re fully vaccinated, there’s no better time than right now to get back at it! At RPI, we have an incredible amount of job opportunities – you can view many of them on our blog, or simply contact our team of Account Managers and let them know that you’re ready to go back to work. They’re standing by and eager to help!

Business photo created by mindandi – www.freepik.com

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