The Link Between Personal Finances, Mental Health and Rent Payments - Zenbase

The Link Between Personal Finances, Mental Health and Rent Payments

Financial Health October 16, 2022
The Link Between Personal Finances, Mental Health and Rent Payments

Written by: Koray Can Oztekin

According to Financial Consumer Agency of Canada 48% of Canadians say they’ve lost sleep because of financial worries, distantly ahead of personal health, work or relationships. Among the money worries, the sources of financial stress are listed as:

  1. Managing household expenses
  2. Dealing with high levels of debt
  3. Living pay cheque to pay cheque
  4. Struggling to save money for short and long-term goals
  5. Dealing with unexpected expenses

44% of Canadians say it would be difficult to meet their financial obligations if their pay was late.

Financial Consumer Agency of Canada

Rent is the biggest line item in a household budget, accounting for 30% or more in total expenses for millions of households. We asked Zenbase members how financial stress is impacting their overall wellbeing and how they feel about flexibility around their rent payment schedule. The results are below:

Source: Zenbase Member Survey

Residents taking a breath with flexible rent payments

Personal finances are, well, personal. When life happens people may not feel comfortable or be embarrassed to ask for a lifeline including asking for a delay in their rent payment or asking for an advance from an employer or a friend. Flexible rent payments are designed to make it easier to budget while providing the safety net for timely rent payments and avoiding financial stress. Here’s what one of our members had to say about that:

Zenbase has literally increased my lifespan. My stress level has been reduced ten fold because I now do not have to worry about rent and payments. These guys give great service and will change your life. I promise you that!

Claude Thorimbert – Zenbase Member

Our property management partners allow us to offer flexible rent payments to their communities and deliver rent day bliss on the 1st of the month, boosting their ESG initiatives. In the current inflationary environment, all households are squeezed with rising cost of household expenses. With flexible rent payments residents have an option to split their rent payments when needed to free up cash between paychecks and avoid reliance on credit cards and other debt products.

Philipp Postrehovsky | Zenbase COO

Philipp is a marketing leader, brand builder and product visionary who has been involved in the fintech scene for over 17 years. In 2013 he co-founded RentMoola, which continues to be one of North America's leading fintech companies with the mission to eliminate the rent cheque and modernize rent collection for the enterprise. Before that, he was a marketing leader for Mogo Technologies, Wonga Canada and began his career at Electronic Arts. Most recently he was SVP, Marketing at Progressa and VP, Digital Marketing at goeasy. He founded Grind For Kids, a program that raised over $1 million for BC Children’s Hospital Foundation and is a mentor to new entrepreneurs.

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