One of the best things about my newsletter is that it gives us a chance to reach out directly to readers to see what they think about various money matters. You’d be surprised how good the response rate is – we’ve seen hundreds of responses to call-outs in the past.
Now, we want to hear from young adults – let’s say everyone from 18 to 40 years old – about their biggest financial concerns. High housing prices and rental costs are big – we know that. Inflation, frustration with the job market and debt levels are also a factor. But what else worries this cohort?
Please fill out the brief survey below, or forward it to a family member or friend. And remember that young adults are welcome to tell us their financial story through our Paycheque Profile series. It’s a judgment-free snapshot of how young Canadians are allocating the money they make each month. Contact Globe personal finance editor Roma Luciw at rluciw@globeandmail.com to get the process started. Some of the most popular paycheque profiles of late include:
- ‘It was luck that we got into the market when COVID hit,’ say debt-free Toronto renters earning $65,000
- Former plumber, 36, with impaired vision lives in Toronto on disability income of $16,668 – and parental help
- Fort McMurray millennial sank his emergency fund into the stock markets when the pandemic hit
And now click here or see below for our survey of young adults.
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Rob’s personal finance reading list
Big changes ahead for Air Miles
RewardsCanada.ca covers some major changes for the Air Miles customer loyalty program, notably on booking flights. The changes follow a difficult period for Air Miles, including the loss of some big partners and strong competition from other programs.
Coffee pros pick their favourite way to brew a cup
A mix of recommended devices, from low to very high tech. This is U.S. article, but the coffee makers are available in Canada. Another chapter in this newsletter’s ongoing dialogue on getting the best value for your homebrew.
Hotel hacks for budget travel
OK, some of these ideas for getting the most from your hotel room are a bit flaky (making oatmeal with your coffee maker). But there are some ideas here that will take the edge off that budget travel experience.
Crime, climate change and home insurance
How home insurance premiums in Ontario vary widely between cities according to how insurers interpret data on severe weather and crime levels. High and low cost cities are mentioned.
Ask Rob
Q: My bank does not accept coins that I had in a jar. You have to fold them! I ended up paying 10 per cent at a machine in a grocery store.
A: Suggestion: go to a dollar store and buy some of those plastic cylinders for coin rolling. The cost is a buck or two.
Today’s financial tool
A beginner’s guide to investing in exchange-traded funds, which you buy and sell like a stock and offer low-cost instant diversification to stocks, bonds and other assets.
The money-free zone
I’m a bit late on this one season-wise, but Blue Summer by Fishmans is too good not share right now. A reggae sound from Japan.
Watch this
Seven Youtube finance channels to follow, as chosen by a contributor to a credit counselling agency’s blog.
In case you missed these Globe and Mail personal finance-related stories
- Why your digital footprint needs to part of your will
- Dividend investors, don’t lose sleep over the OAS clawback
- This is how the principal residence rule works for Canadian homeowners
More Rob Carrick and money coverage
Subscribe to Stress Test on Apple podcasts or Spotify. For more money stories, follow me on Instagram and Twitter, and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.
Even more coverage from Rob Carrick:
- 🎧 Catch up on Stress Test: Are your parents giving you money? • Why it’s time to stop shaming the renting lifestyle • Is now the right time to buy a house? • Why are young Canadians leaving the cities they love? • Eating in: How COVID has shifted our food spending • Crisis-proof your finances? • Can you afford to live downtown? • The cost of kids
- ✔️ The housing file: The housing boom is ripping apart the financial fabric of Canada • Shut out: A well-qualified millennial home seeker throws up his hands after losing multiple bidding wars • Big city housing affordability is over – now what? • She sold her Toronto house to retire somewhere cheaper, but it didn’t work • How young adults and the whole country win with a tougher mortgage stress test for home buyers • Can’t afford your house? It’s likely not your fault
- 📈 Investing: Robo-advisers have grown out of the novelty stage. Here’s help in finding one right for you • The 2021 ETF Buyer’s Guide: Best Canadian equity funds • The 2021 Globe and Mail online brokerage ranking: Who’s best for investing … and answering the phone • Are these the stock market returns of a lifetime? • On the cusp of retirement and wondering about an ETF that pushes the limits on aggressiveness
- 💰 Your money: The five most important numbers for checking the health of your personal finances • Today’s freakishly low mortgage rates can’t last. What will pandemic home buyers do when they rise? • There’s a cost in money, isolation and family stress when seniors choose to remain in their own private homes • Taking CPP early can cost you $100,000 and limit your long term options • Fleeing the city for the suburbs? Watch out for higher property taxes, more cars and other costs
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.
