Scared Straight: Canadian Finance Edition

It's been awhile but I'm back! A life update will in the next blog post but today, I wanted to share some statistics I came across. Feel free to check out the links below and I encourage you to do your own research as well.


Check out these statistics:
  • nearly 50% of adult Canadians struggle with financial literacy

  • 48% OF CANADIANS ARE $200 AWAY FROM BEING BROKE

  • FOR EVERY $1 WE MAKE, OUR DEBT IS $1.77

  • ONLY 25% OF CANADIANS HAVE AN EMERGENCY FUND

  • CPP (CANADIAN PENSION PLAN) IS NOT ENOUGH TO LIVE ON

  • A YEAR OF TUITION IS APPROXIMATELY $27, 000

  • 140 TORONTO RESTAURANTS CLOSED DUE TO COVID (JUNE 2020)

  • AVERAGE RENT FOR ONE BEDROOM IS $1200; CONDO APARTMENT ABOUT $2200

  • AVERAGE HOUSE IS OVER $1.2 MILLION

  • MINIMUM WAGE IS STILL $14.25

  • FOOD PRICES ARE SET TO INCREASE 3-5% THIS YEAR

  • PUBLIC TRANSIT HAS INCREASED 300% IN THE LAST 30 YEARS

Why are these statistics important? They show the volatility of the economy due to the pandemic, how the cost of living and minimum wage don't match, how jobs and possibly whole industries are slowly disappearing and how you need to have a financial plan in place in order to thrive instead of just survive.

We saw how many restaurants were barely getting by before the lockdown and once they couldn't be open, they had to shut down. We saw how a lot of Canadians are living pay check to pay check, aren't financially prepared for emergencies and got into more debt. We saw the effects of the minimum wage barely moving and the cost of living consistently increasing. And you can see that relying on your Pension for a comfortable retirement is a big no-no.

You know I'm all about solutions so here are some things you can do to improve your financial situation RIGHT NOW:

  • Assess your finances (you can book a judgement-free appointment with me to find solutions to your money problems)
  • Reduce your spending; prioritize needs over wants
  • Start building an emergency fund so you have a safety net
  • Start investing (you can book an Investing 101 session with me to learn the basics of investing)
  • Develop a side hustle or two; multiple sources of income are key to building wealth
  • Improve your money mindset, start thinking long-term and stop throwing your money away

Check out these links:

140 bars and restaurants that closed in Toronto since the start of the pandemic (blogto.com)

Nearly Half of Canadians (48%) Are $200 or Less Away from Financial Insolvency | Ipsos

Canada Pension Plan – Monthly payment amounts - Canada.ca

MINIMUM WAGE IN ONTARIO 2021 - Bing


All love, always, Shay.💛

Instagram: @financefortheculture

Email: financesfortheculture@gmail.com

Book a FREE financial analysis: https://calendly.com/financefortheculture/financialneedsanalysis?month=2021-07

Book an Investing 101 Session: https://calendly.com/shaymoneyinvesting101/60min?back=1&month=2021-07 

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