1. Personal Finance: Pictures, Videos, Breaking News
Generation Y Canadians, born between 1980 and 1995, are constantly portrayed in the media as a
generation burdened with financial issues. Here are a few tips from my personal experiences to
ward off the spend-fests and embrace the habit of saving to overcome student debt.
Jeffrey Schwartz
Executive Director, Consolidated Credit Counseling Services of Canada
Regardless of what type of investment products you're using, you should always know what it's
costing you to have your money managed. If nothing is done to reduce the fees institutions are
charging for investment management services most Canadians are going to be poorer then they
think.
Tim Paziuk
Educator, Lecturer, Author and Financial Planner
Finding "the right one" these days can be very complicated, and by the one I mean the right financial
advisor! Searching for an advisor that is the perfect match takes time, effort and plenty of research.
Finding the right financial advisor is not necessarily a simple task but it can be straightforward if
you follow some basic guidelines.
Bob Stammers
CFA, Director of Investor Education for CFA Institute
Finance, money, debt planning, retirement saving etc., there is sufficient reading material out there
on these subjects and experts in the industry for advice. Yet we continue to see record debt levels,
low savings rates and lifestyles being extended through borrowed money. Why haven't we been
more successful in increasing financial literacy and promoting better financial behaviours?
Looking at our study, the percentage of women filing bankruptcy who were living on their own,
either because they were single, divorced or widowed, increased over the four year study period.
The largest growth occurred in women who were divorced or separated. We also saw an alarming
increase in the percentage of female single parents declaring bankruptcy.
There are some serious concerns about household debt in Canada. But as families put the final
touches on their Thanksgiving plans, I thought it would a great time to point out some things that
are good about personal finances in Canada. Here are four bits of personal finance news we should
be thankful for.
Jeffrey Schwartz
Executive Director, Consolidated Credit Counseling Services of Canada
2. Did you know that not only did the overall number of women (especially single, divorced and
widowed) who declared bankruptcy after the 2008 Recession go through the roof both in Canada
and the U.S., but it's been on a steady rise ever since?
With Thanksgiving just around the corner, many students and parents are about to have their first
holiday meal together since post-secondary school began about six weeks ago. For students, it has
been a crash course in time and money management, and one thing is almost certain: there's never
enough of either. This Thanksgiving, parents and students should carve out some time to talk
finances and revisit the budget to determine if spending is on track.
The Registered Education Savings Plan (RESP) has become the most underused, yet indispensable
tax shelters designed to make post secondary education more accessible to children and
grandchildren. Unfortunately, many of us don't use the RESP and if we do, we typically don't
maximize the benefits available.
Put your saving strategy and bill payments on auto pilot. We all know it, but saving money each
month is saving for the future. Just know, savings are what you pay yourself, and if you want to
secure your golden years and worry less, then pay yourself first. Set up automatic bill payments.
In most households, one person takes responsibility for the household finances. This can work well
as long as the person controlling the finances isn't the one with the problem. I think it makes sense
that if you're living as a couple and you have joint bank accounts that both partners know what's
going on.
Tim Paziuk
Educator, Lecturer, Author and Financial Planner
Let's face it: many people work better on a deadline. This is the same mindset that leads perfectly
reasonable adults to the conclusion that saving for retirement can wait until tomorrow, until they get
a raise or have taken the next vacation, or until they turn 30, 35 or 40. If you are approaching 40
and have procrastinated, it's time for a gut check.
Bob Stammers
3. CFA, Director of Investor Education for CFA Institute
Yes, folks, back-to-school season is here. And with it comes a frenzy of shopping. This year, however,
may be a little bit different. Almost half of Canadian parents say they expect to spend less than $200
on back-to-school items, with one-third of moms saying they plan to spend less than $100. So where
are parents' priorities shifting to? Their children's future.
If you know you are about to be attacked, why not beat the other side to the punch? The same
philosophy works with student debt. Build up a solid defense against it by working part time and
saving money throughout the next 3-4 years. This way, when that debt tries to attack you after
graduation, you'll be armed with a sizable nest egg you can use to pay down the principal.
Jeffrey Schwartz
Executive Director, Consolidated Credit Counseling Services of Canada
It has been said that in investing, what is comfortable is rarely profitable. This perhaps explains why
the investment landscape is littered with novel and sometimes unsuccessful money making
strategies.
Bob Stammers
CFA, Director of Investor Education for CFA Institute
The average family with school age children will spend $669.28 on apparel, shoes, supplies and
electronics, according to research from the National Retail Federation. This is a lot of money, given
that these monies will come out of your September budget. It's time for a strategy and plan.
