Self-checkout is almost always faster, and that’s a big attraction.HO/NCR Canada Ltd./CNW
Confession: I like self-checkout. I find I’m in and out of stores much faster on the whole, and I don’t actually mind running my purchases through the scanner and bagging them.
Am I the only one? The comments I hear from people about self-checkout are mostly negative, and then I came across this stinging critique in The Walrus headlined The Scourge of Self-Checkout. A link is drawn between self-checkout and feelings that so many aspects of daily life are getting worse.
The supermarket where my wife and I do most of our shopping is a Metro that typically has at least a couple of cashiers working, and a big bank of self-checkout kiosks. The cashiers are great – friendly and efficient. Every once in a while, if there are no lineups, I’ll check out the old-fashioned way.
But self-checkout is almost always faster, and that’s a big attraction. There was a learning curve on the kiosks at first, but I’m now done in a few minutes. I’m enough of a pro now that I know the code for bananas is 4011.
Controlling theft can be a problem for retailers with self-checkout. Customers justifiably don’t like to be asked for a receipt to prove they didn’t steal. At our local Metro, employees are vigilant in the self-checkout area, but I’ve never been asked to show a receipt and I haven’t seen anyone else asked for one.
Some stores are removing their self-checkout machines in response to theft and customer unhappiness about counter-measures. I’m all about choice. There should always be a cashier option in retail stores, but self-checkout should be an option for people in a hurry. You don’t just spend money in a store – you also spend time. Savings on both are welcome.
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Rob’s personal finance reading list
A return to normal in the new vehicle market
Finally, some signs of a return to normal in the new vehicle market. The supply of vehicles is improving, while buyer demand is under pressure from high interest rates and inflation. Incentives and rebates are coming back, including some degree of relief on financing costs.
Who wants to be a job blocker?
A British author and academic defends a university’s mandatory retirement age of 67 on the basis that staying too long in the work force can make you a “job blocker.” In other words, someone who blocks younger generations from entering or rising in the work force.
Capital gains and your retirement portfolio
Thoughts on using tax-free savings accounts and registered retirement savings plans to minimize the impact of the recent increase in capital gains taxes.
How not to get jammed by a scammer
A review of the latest financial scams. Technology is making it harder to stay safe from scams, so give this a read.
Podcast fans
Subscribe to Stress Test on Apple podcasts or Spotify.
Ask Rob
Q: I’m 58 and retiring next May. I have successfully self-managed my money for the last 30 years and reluctant to hand over this responsibility (and cost!) to a full-service wealth manager. That said, I would like some help in developing a retirement plan and assessing which of my funds should be withdrawn in the most tax efficient manner. Do these professionals exist?
A: What about continuing to manage your investments while buying a consultation with an advice-only financial planner to get answers to your questions about retirement? There are definitely wealth managers who provide portfolio management and financial planning focused on retirement. The challenge here is to avoid the sort of adviser who is focused on selling and/or managing investments.
Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length and clarity.
Tools and guides
Reverse mortgages – five advantages and disadvantages
In the social sphere
Social Media: One of the best personal finance blogs, Savvy New Canadians, has a Facebook financial community.
Listen: All about financial coaching, which emphasizes achieving results and opposed to simply providing advice.
Money-Free Zone: Is This Sporting Life by The Decemberists the greatest nerd-rock song of all time? OK, maybe The Outdoor Type, by The Lemonheads. Contains the immortal lyric, “I can’t go away with you on a rock climbing weekend. What if something’s on TV, and it’s never shown again?” The Decemberists have a new album with a song you might like called Burial Ground. Goofy as ever for this band, but typically full of hooks.
More PF from The Globe
– ‘You’re getting what you’re paying for’: What to look for when picking a gym membership
– How to get the most out of your student summer earnings
– RBC client says he lost $30,000 in capital-gains tax savings after the firm was unable to sell his holdings
– Why the ‘death binder’ is becoming an essential part of estate planning