'Sandwich generation' increasingly strained amid pandemic: Personal finance expert
The 'sandwich generation' forced to balance caring for their kids and their folks
If you’re pressed between taking care of young children and aging parents, you’re probably one of the many Canadians in the “sandwich generation.” Sandra Henderson, regional Toronto president at BMO Private Wealth, joined BNN Bloomberg for Your Money Month to discuss how the COVID-19 pandemic is further squeezing this cohort and what unexpected costs they may have to face when balancing their budgets.
Women are putting family financial plans before their own
A survey by CIBC found that women are putting off their own financial savings to focus on setting financial plans for their families. The survey found that 61 per cent of women pay the bills and 59 per cent are in charge of budgeting their household expenses. CTV's Chief Financial Commentator Pattie Lovett-Reid looks into the numbers and why securing your own financial future is just as important as planning one for your family.
Avoiding hazardous RRSP calls as deadline looms
With the deadline for Registered Retirement Savings Plan contributions coming up after this weekend, many Canadians are scrambling to sort out their savings decisions. As Personal Finance Columnist Dale Jackson writes, the pandemic has created a different financial reality for many households. He cautions against FOMO contributions and breaks down the max-contribution refund math for multiple tax brackets.
How to pick a mortgage rate in a low-interest rate environment
With central banks slashing key rates because of the pandemic, many are looking to take advantage of cheaper borrowing costs when shopping for a mortgage. Rob McLister, mortgage editor at Ratesdotca, offers his advice on how to find the right rate to lock in for your situation. McLister also reminds homebuyers that they have to consider the overall holding costs involved in their purchase and not take on more debt than they can carry.
Pro tips to save for your child's post-secondary education
Sending your kid to college or university can get expensive, especially if you have more than one to pay for. Tim Cestnick, co-founder and CEO of Our Family Office, looks at ways parents can start setting aside money and plan ahead for a potentially scary reality. He says $100,000 over four years is a reasonable budget in today’s environment if your child is living away from home.
COVID is giving Canadians the opportunity to reconsider their finances
The pandemic has brought on many changes, especially to the mindset of investors looking to re-evaluate their portfolios. This can be especially hard to do for those in their forties who have to balance risk and stability with retirement in mind. Tony Solgado, president and founder of AMS Wealth, says it’s a "fine line between playing offence and defence," and that instead of tackling a financial plan all at once, prioritizing elements can make the process less overwhelming.
“Caring financially for your household is step number one. You can tick that box. However, step number two is equally important because no one will care more about you and your financial future than you.”
- CTV Financial Commentator Pattie Lovett-Reid on the need for women to prioritize their personal finances, as well as those of their families.