I’ve been to Manhattan too many times to count, but last summer, I was able to take my husband with me. He’s never been to the Big Apple, so I felt responsible for presenting the city in its best light for his delight. I spent weeks researching the best rooftop bars and reached out to locals I know for insider advice. I spent hours upon hours for over two weeks planning this special, four-day trip. That’s a big investment for a short window of time. And you’ve likely done the same.
Many of us spend more time planning our vacations than our finances. I talk to so many Canadians who are overwhelmed by life and money-management. When they think about planning for the future – a hugely important undertaking – they often feel the task is insurmountable. But when it comes to planning a fun weekend away, they always find the time.
What makes financial planning so much more daunting? Here are some of the challenges Canadians are facing at all stages of life.
Young money struggles
Millennials are stressing about more than just their morning latte and avocado toast. This cohort is facing monster housing prices, mounting student debt, and they are leaning on the bank of mom and dad more and more to make ends meet. The FP Canada Student Debt Survey found that for many young Canadians, student debt is expected to postpone big life milestones like moving out and buying a house.
Middle age money woes
FP Canada’s newest survey highlights the growing financial stress on the Sandwich Generation: those still supporting children and one or both parents. One in four respondents reported that they expect to put their own financial goals on hold as a result of providing financial assistance to their loved ones.
Older money challenges
Dreaming of an early retirement, flush with cash? Aren’t we all! But the reality is one in four Canadians fear they will run out of money before they die, while an equal proportion (25%) fear they will not be able to pay for long-term care, according to FP Canada’s research. Other fears include never being able to pay off their debt, not having enough money to retire or having to sell their house.
So, what’s the key to overcoming all of these hurdles? Each of us has a unique situation, and we need personalized advice from a professional financial planner to help us make the best decisions for our futures.
A Certified Financial Planner professional or Qualified Associate Financial Planner professional (a new certification launching soon) can reveal blind spots that you might be unaware of. Whatever age or stage you find yourself in, a professional financial planner is your skilled go-to pro who can crunch the numbers and help you build a plan that suits and grows with your needs.
To begin the journey to financial confidence now, visit FindYourPlanner.ca.
Produced by Randall Anthony Communications. The Globe’s Editorial Department was not involved in its creation.