Can You Afford To Grow Up?

Why it's tough to grow up and gain financial independence

May 10, 2013

It used to be that young adults in their early 20s were well on their way up the career ladder, owning a home and starting a family. For Generation Y, these milestones seem years off – and a tough economic climate is responsible for this failure to launch.

Why are kids lurking in their parents’ basements? A combination of student debt, a competitive job market and steep cost of living are to blame. Read on to learn more about these factors.

The Truth About Youth Unemployment

Did you know that youth unemployment is double that of the national average at 14%? Today’s young adults face some steep challenges in order to climb the career ladder.

Learn more about the factors behind high unemployment for this age group, and the lasting impact on their financial futures – and the overall Canadian economy.

Read Allan’s Blog | The Truth About Youth Unemployment

Should You Work An Unpaid Internship?

Internships are a hot button topic these days. While they can provide new grads with valuable work experience and networking opportunities, working for free is certainly a financial challenge.

Is an unpaid internship the right career move for you? Check out this guide to getting the most out of your placement – and understanding your rights.

Read Diane’s Blog | Should You Work an Unpaid Internship?

The Hidden Costs of Moving Out

Looking to move out of your parents’ basement? You’ll need to scrape together more than a few boxes and a moving truck.

Hidden costs like bill deposits, start up supplies and ongoing expenses can really put a dent in your wallet – especially if they’re a surprise. Read on to financially prepare for the expenses of moving into a place of your own.

Read Melanie’s Blog | The Hidden Costs of Moving Out

And in this week’s finance headlines…

The Impact Of The European Rate Cut on Canadians

The European Central Bank recently cut interest rates to 0.5% in order to revive the struggling EU economy. How will this affect Canada, and our own stimulus efforts?

Read Rubina’s Post | The Impact Of The European Rate Cut

Character is Cheap to Build, Yet Tough to Find

Meet Kyle Prevost, Get Out Of My House guest judge, blogger at Young & Thrifty, and author ofMore Money for Beer and Textbooks. He has some choice words for the entitlement shown by Generation Y – read on for some hard truths about gaining financial independence.

Read Kyle’s Post | Character Is Cheap to Build Yet Tough to Find

New Changes For The CMHC

The federal government is increasing its watch on crown corporations like the CMHC – what changes could be in store, and how will they affect home buyers?

Read Sean’s Post | New Changes For the CMHC 

No Movement Expected For May Mortgage Rates

The May edition of the Mortgage Rate Outlook Panel has arrived, and experts are calling for continued stability for both fixed and variable mortgage rates.

Read Kelvin’s Post | No Movement Expected For May Mortgage Rates

It’s Time to Teach Kids About Personal Finance

Who should teach kids about personal finance? Is it a skill that starts in the home, or should schools put more emphasis on money matters?

Read Sean’s Blog | It’s Time To Teach Kids About Personal Finance

What Is Income Splitting?

Did you know that single-income families actually pay more in taxes than dual income earners? The government has proposed income splitting as a solution, that would allow the income to be divided and declared by both spouses. However, it’s an expensive solution that may not take effect for some time.

Read Sean’s Blog | What Is Income Splitting?

It’s Not An Epidemic of Laziness

Gemini nominated actor (and the voice of Koodo’s El Tabador!) Carlos Diaz is a guest judge for’s Get Out Of My House giveaway! Here, he shares his take on financial responsibility and hard work.

Read Carlos’ Blog | It’s Not an Epidemic of Laziness

You Answered!

This Week's Question

This week on Money Wise, we asked Canadians:

What is the largest financial hurdle facing today’s young adults?

48.1% of respondents say higher than ever student debt is making it tough for kids to gain independence earlier in life.

39% say a higher cost of living, steep housing prices and less purchasing power present significant challenges.

13% of poll takers say more educated grads means there are fewer jobs to go around – and kids are turning to underemployment to make ends meet.

Tell us what you think in next week’s poll (there could be a sweet prize in it for you too!)

What is the biggest challenge facing home buyers?

Got something to say? Be sure to shoot us a comment, or visit us on Facebook and Twitter!


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