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 often 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.
With the cost of living, real estate and education steadily rising, it’s arguable that today’s young adults face steep financial challenges. But does that mean they should depend on their retirement-aged parents for help? In light of reports that suggest today’s retirees are among the richest in history, Ted Rechstshaffen, a Toronto-area financial planner, suggests it makes sense for cash-strapped adults to continue to depend on their financially secure parents.
Would YOU switch to an online branchless bank? Younger Canadians are almost half as likely to ditch the face-to-face banking experience in exchange for convenience – and are also more willing to bank with non-traditional lenders such as media and telecomm companies.
Are new grads five years behind financially, compared to previous generations? Those finishing up at post secondary school this year are facing a whole new slew of challenges, from small wages, underemployment, and general money management. Here’s a look at what new grads can expect.
There’s increasing amounts of evidence that millennials really DO have it tougher than generations past, as unemployment, debt and expensive housing remain pressing issues.