The average Canadian student graduates university with $28,000 of debt and takes an average of 14 years to pay it back. This means that if the average student graduates at 23 or 24, they will be paying off their debt by 37 or 38. Wow. For some it’s probably not until graduation comes around that the word “debt” comes up in conversation. Quite simply, student debt sucks and many Gen Y’ers are simply tired of dragging it around. For many it’s because it sometimes feels like it’ll never come to an end. I recently discovered an article in the Globe and Mail – one that many of you can probably relate to, no matter what age or stage.
You’ve probably been told to always shop around for the best deal. For every major purchase I’ve made in the past ten years, from a laptop for school, to my first car I’ve pounded the pavement comparing features and price. So why would it be any different when it came time to buy my first house and get my first mortgage?
I was surprised to learn of a recent report by the Canadian Associated of Accredited Mortgage Professionals, which discovered that four of five recent homebuyers didn’t consult with a credit union when getting a mortgage. As I do all of my banking at a credit union, it was obvious for me to check them out first, but if you do your banking elsewhere, it may surprise you how many competitive options are out there.
Life Insurance is for “old people” – at least that is what I used to think. In a recent study, “Gen Y consumers are the least likely to own life insurance. But four in ten Gen Y households say they would have immediate trouble covering everyday living expenses if a primary wage earner were to die.” Well it’s no wonder us young folk haven’t have a clue about life insurance. We’re young, healthy and most of the time let’s be honest; we think we’re the untouchable Superman. I never thought I’d find the time to blog about such a topic, but having just recently bought my first life insurance policy myself I had to have a little chat with you all about my eye opening experience.
How much do you think young people your age know about interest rates? Actually, do YOU even know what you’ll owe on your debts at the rate you’re repaying? Not sure? Well, you should probably watch this…
The MoneyOnTrees crew hung around the McMaster University campus in Hamilton recently to ask youth if they really understand their personal finances. Do Canadians need help getting through the financial tough times?
Watch and share your two cents!
Did your parents ever discuss personal finance with you? Better yet, maybe you learned something useful because of it? Well, there’s only one way to find out!
The MoneyOnTrees crew spent an afternoon wandering around Hamilton, Ontario recently to ask young people if they ever talk about money with their parents. Do Canadian youth need help growing up financially? Watch for yourself and let us know!
Enjoy the show!
The MoneyOnTrees crew hit the streets of Hamilton, Ontario recently to talk to students and young adults about personal finance, debt and saving for important life milestones. Watch how they answered, “How does debt make you feel?” when we stopped them on a bone chilling, winter day! You’ll laugh, you’ll cry, and maybe even boost your money smarts.
Watch for more videos on MoneyOnTrees in the coming weeks!