Back to school season is upon us, and many post-secondary students are already on campus, and spending their hard-won student loans. In addition to Psych 101, the college years also offer a crash course in “grown up” money management – but is generation Y really getting the message? One study finds the majority aren’t sure when they’ll pay back their student debt, while another suggests Boomer parents simply foot the bill.
Get the full story below, along with the week’s top headlines.
Should Adult Children Get an Allowance?
It’s financially tough to be a young adult these days, as the cost of living, real estate and debt levels sky rocket. But does that mean Generation Y needs a handout from their Boomer parents? One expert thinks adult allowance makes good financial sense – but parents should beware derailing their retirement funds. Read on for our take.
Read Gordon’s Blog | Should Adult Children Get an Allowance?
Why Paying Off Student Debt Will Take Longer Than You Expect
A new CIBC study finds students are grossly underestimating the impact lingering student debt will have on their post-grad lives. In fact, two thirds of those polled think they’ll have their loan paid off within five year – wishful thinking, according to experts.
Are you taking out a student loan this year? Read on for tips on effectively creating a pay-off plan.
Read Andrew’s Blog | Why Paying Off Student Debt Will Take Longer Than You Expect
Will Canada’s Condo Fears Come True?
Crash-fearing real estate pundits love to pin the blame on Canada’s condo market, saying its high-demand days are numbered – and that the segment is due for a major softening. That doesn’t seem to be the case, however, according to two new reports which suggest condos are just starting to really heat up.
Should you go for a multi-family unit home? Read on for our report breakdown.
Read Allan’s Blog | Will Canada’s Condo Fears Come True?
MBNA Cardholders: What You Need to Know About Your Transition to TD
MBNA cardholders are in for a few changes come late September; they are the latest customers to undergo a post-acquisition transition to TD. The banking giant, which bought MBNA in December 2011, will begin the process of moving MBNA credit card accounts to their system, which is stated to have “new options, increased security and a new telephone banking voice”.
Read Penelope’s Blog: MBNA Cardholders: What You Need to Know
Rates Won’t Rise in 2014: Yellen and Poloz
With all this good economic news coming out of the U.S., some believe central interest rates will rise sooner than expected there and in Canada. But top policy makers are saying that’s not the case. Should consumers be worried?
Read Rubina’s Blog: Rates Won’t Rise in 2014: Yellen and Poloz
Why Banks are Targeting New Canadians
Establishing a credit and banking history in Canada used to be very challenging for newcomers to the country. However, Canada’s big banks have recognized the opportunity presented by newcomers to create life-long customers – and a new slew of marketing campaigns now target immigrants looking to work, save and invest.
Read Pracheer’s Blog: Why Banks Are Targeting New Canadians
StatsCan Job Numbers Error: Could it Happen Again?
Earlier this month, Statistics Canada misreported Canada’s July job numbers – an important indicator for economic growth. The mistake has since been rectified, but what should consumers know about the situation – and what does the revised data tell us?
Read Rubina’s Blog: StatsCan Job Numbers Error
This Week’s #RSMWIN!
This week, we asked our Twitter followers:
Are you financially prepared for the September spending season?
Want in on the chance in win? Answer this week’s Q:
Do you think you have enough life insurance?
Tweet your answer to @RateSupermarket with #RSMWin to enter for a $25 gift card!