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Posts from the ‘Life Stages’ Category

19
Oct

Boomer + Sandwich Generation + Club Sandwich + Boomerang = Financial Instability

The Sandwich Generation was a term coined by Dorothy Miller in 1981 to describe adult children who were “sandwiched” between their aging parents and their own maturing children.  There is even a term for those of us who are in our 50’s or 60’s with elderly parents, adult children and grandchildren – the Club Sandwich.   More recently, the Boomerang Generation (the estimated 29% of adults ranging in ages 25 to 34, who live with their parents), are adding to the financial pressures as Boomers head into retirement. It is estimated that by 2026, 1 in 5 Canadians will be older than 65. This means fewer adults to both fund and provide for elder care.  Today, it is likely that the average married couple will have more living parents than they do children.

What are the challenges? Read more »

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11
Jan

Tying the Knot

Marriage is the coming together of two separate lives, but it’s also the coming together of two separate financial histories and situations.

And while your financial past will continue to be a part of your life, you’ll also be contending with a lifetime of new financial experiences and decisions with another person. One key to success is to be ready to handle everything that comes up. And having the financial resources to deal with the unexpected will be as important as developing the communication skills needed to talk about financial matters. Read more »

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7
Dec

Millennials & Money: Talking about Financial Literacy

By Carla Hindman, Director of Financial Education, Visa Canada

Millennials, also known as Generation Y, refers to people born between the years of 1980 and the early 2000s. Known as the “me, me, me” generation, millennials are the first group to grow up in the current digital era with instant access to money management tools at their fingertips. So why do they have a reputation for being financially illiterate? And what’s the best way to reach them? Does it have to be done in 140 characters or less? The answer is: #Yes. Read more »

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8
Sep

Six creative ways to teach your kids about money

Understanding financial issues is challenging enough for adults, so it’s no wonder many parents struggle when it comes to teaching them to kids.

According to a Harris/Decima Youth Financial Literacy Study  for the Canadian Institute of Chartered Accountants, 84% of Canadians believe young people are ill-prepared to manage their finances when they enter the workforce. While 78% of Canadian parents have attempted to teach their children financial management skills, 60% believe that they haven’t been successful. Read more »

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