Pattie Lovett-Reid joins Goldhar & Associates - shares goals, insights

Last month, financial commentator Pattie Lovett-Reid joined Goldhar & Associates as Special Advisor. Pattie brings a wealth of experience to the role, having worked as the Chief Financial Commentator at CTV News for about a decade. She is currently with HomeEquity Bank, where she provides commentary on topics ranging from demographic trends, real estate, financial planning, budgeting, aging in place and more.

Pattie is passionate about helping people take control of their financial situation. We sat down with her to discuss her new role, the challenges and opportunities that it brings, and how it aligns with her commitment to providing financial guidance and support to Canadians.

1.    What are you most excited for in your new role as Special Advisor at Goldhar? How is this role different from your work as a financial commentator?

Dina, I’m passionate about helping Canadians with their finances. In some ways, the roles are very similar; both have an educational element. I will have the opportunity to help spread the message that Canadians in financial trouble, whether individuals, small businesses, or corporations, may have options available, which doesn’t always mean bankruptcy. My role is more educational and focused on the economy, markets, interest rates, and financing options.

It can be emotionally challenging to be overwhelmed with high debt levels, and I want to break down the stigma and encourage people to ask for help. 

2.    Will you be working directly with Canadians facing financial distress, or is this more of an advisory role?

I’m not a Licensed Insolvency Trustee, so I will not work directly with Canadians facing financial distress. However, I hope to share insights and options to help those struggling to know they have options. It's important to remember that there is a regulatory framework to ensure they are treated fairly and respectfully. They are not alone in this journey.

3.    Many Canadians are struggling to stay afloat in the current economic environment. With so many macro-economic factors outside of our control (e.g., oppressive interest rates, the skyrocketing cost of living) influencing our finances, it can sometimes feel like we have no control over our own financial planning. What’s one tip you would give to Canadians on how to feel more in control over their own finances?

This environment has been challenging due to a tsunami of financial events—higher rates, prices, housing costs, and some job losses. In other words, some have faced an economic day of reckoning. I believe the savvy person knows they are struggling, and my best piece of advice is to reach out and ask for help. You don’t need to get through this on your own. There are people and resources available to support you.

4.    What do you foresee as the biggest financial challenge facing Canadians in the second half of this decade? How can we start preparing?

Canada’s productivity is a cause for concern and continues to decrease. Lower productivity leads to a lower standard of living for Canadians. However, we have the potential to turn this around. We need to find a way to focus on the economy collectively. An economy that invests in people and technology embraces competitiveness, emphasizing improving productivity and growth. This growth potential should inspire hope and optimism in all of us.

This may take time, so controlling what you can, financially speaking, is a big step forward. Build up an emergency fund, improve your credit rating, and pay off your debt—it’s time to take charge now. 

5.    Can you share one thing about yourself we might be surprised to learn?

Many years ago, I was a single mother of two who had never balanced a chequebook, negotiated a mortgage or understood my cash flow or net worth. The more questions of others I asked, the more I quickly came to realize I wasn’t alone. Financial literacy is a fundamental skill we all need, and we don’t all have. I’ve been on a quest to change that ever since.