Growing up in the Toronto suburbs, I didn't really have conversations about finance with my family. Sure there were the seasonal summer "you need to get a job" comments, but the finer points of budgeting, understanding credit cards - even my parents' income - remained somewhat mysterious and taboo. It wasn't until I struck out alone and relocated to Calgary for my first post-grad magazine job that I was confronted with the realities of really living off a paycheque - to say nothing of saving for the future. What I wouldn't have given at that time for a resource like Ratesupermarket.ca! As the editor of Money Wise, it's my aim to educate all Canadians - no matter their age or experience - on how to live with their finances under control - not the other way around!Most Recent Post:
They're educated, they're motivated and.... they live in their parents' basements. This is the new reality for many new Canadian graduates who, in decades past, would likely be well on their way to homeownership, promotions and family life by now.
Studies have shown that today's generation of grads are facing steeper financial hurdles than those who precede them. Sky high tuition debt, a sluggish job market, and less purchasing power are some of the main factors behind this onslaught of delayed adulthood. In fact, taking inflation into account, today's new grads are actually making less than those in previous decades, despite a sharp increase in educated individuals.
According to Human Resources and Skills Development Canada, the percentage of men and women aged 25 to 29 living with their parents doubled between 1981 and 2011. There's also been an increase in so-called "boomerang kids, who return to the family home after having moved out. In fact, almost a quarter of adults living with their parents have boomeranged their way back there.
Why are so many grads getting the short end of the stick? Let's break down the financial factors.
Here's a breakdown of insurance options commonly provided by travel credit cards, and what you should ask when it comes to your coverage:
Feeling the warm fuzzies for a special someone? Well, hang on to your cinnamon hearts; a new study by RateSupermarket.ca shows that there are actual monetary costs associated with falling in love.
The research, titled "What Is The Cost Of Love", crunches the expenses of an average one-year dating period, one-year engagement and the average Canadian wedding. As it turns out, the financial effects of Cupid's arrow go far beyond jewellry; the study includes casual bonding time, weekend getaways and nights on the town in addition to the bling.
You'll be shocked at the sticker price.
Filed under: Family Finances
This past Wednesday, headlines touted the latest update on interest rates from the Bank of Canada; the Overnight Interest Rate remains static they stated, in addition to warnings that Canadians should buckle down in the face of slower-than expected economic growth. It all sounds very dire - but how do these national interest rates affect the everyday Canadian consumer? Here's a crash course on understanding a Bank of Canada Rate Announcement.
A recent consumer poll shows that when Canadians select their personal finance products, money talks. Consumers are far more likely to choose a product offering the highest return or best price, even over intuitive features that may better address their financial situation.
The findings were gathered by the Consumers' Choice poll, conducted by RateSupermarket.ca as part of their inaugural Best of Finance awards, which tested Canadian preferences toward types of financial products and resources, as well as sentiment toward recent market activity affecting consumers.
With just a month shy of the impending holiday season, Canadians are starting to hit the mall in droves - and credit card debt levels are due for their yearly upswing. Even the most fastidious budget will take a hit from this annual spending spree - but gifts aren't the only culprit racking up your balance. In fact, a RateSupermarket.ca poll found one fifth of respondents plan to spend over $1,000 on food and travel expenses alone this holiday - sans presents!
The Cost of Connecting With Family and Friends
If that sounds excessive, consider this: hours logged on the road to visit grandma, the turkey picked up at a premium price - even the bottle of wine gifted to a party host - are often costs not accounted for in the seasonal budget.
Even a small boost to your down payment can go a long way over a mortgage's lifetime. Read on to find out how.
For prospective home buyers looking to enter Canada's real estate market, recent conditions haven't been too welcoming. As average home prices reach record highs and recent CMHC mortgage rule changes limit affordability, would-be home buyers are faced with dire circumstances: save for decades, and be prepared to pay interest for years ( let's face it - these record low mortgage rates are not going to last forever!).
"Existing house prices have increased over $60,000 on average since 2008 – despite the low current mortgage rates, it is getting harder for Canadians to get into the real estate market," said Kelvin Mangaroo, President of RateSupermarket.ca, Canada's largest comprehensive financial products comparison website.
Every Little Bit Counts
What options do homeowners have to alleviate the financial burden of home sweet home? According to RateSupermarket.ca, scraping together an additional $5000 on a down payment, while prolonging the savings timeline, can go a long way over the course of a mortgage, resulting in thousands of dollars of saved interest and a cropped amortization.
The real price tag of a post secondary education may shock you
Student debt and a degree go hand in hand these days - and even those who land their dream job out of school are having a heck of a time paying if off. An in-depth study conducted by RateSupermarket.ca, Canada's independent rate comparison site, found that the average student living away from home faces a price tag of $78,817 for their four-year degree. Of that amount, $28,000 will linger after graduation - and will take an average of 14 years to pay off.
Who knew that the piggy bank – the pink, jingly staple of childhood bedrooms everywhere – could be causing so much harm? Turns out, the secretive stashing nature of the beloved banks enforces the mystery surrounding personal finance matters for Canadian children. According to RateSupermarket.ca, Canada's independent rate comparison site for financial products, a far more effective way to teach kids about money matters is to open a children's bank account – and involve them in every step of the process.