We hope you learned something new and came away feeling more confident in your adulting abilities.

If you want to see some of the data and resources we mentioned, they're below.

You'll find sweet treats like:

  • Stats on the financial realities for our generation (to use as you see fit. Like, say, oh I don't know, the next time your Uncle Geoff calls you an "entitled millennial"? Just spit-balling here. I don't have an Uncle Geoff . . . love you, Uncle Geoff!)
  • Links to some of the resources we mentioned
  • The pros and cons to weigh when choosing where to get financial advice

And, you'll find your glamour shots at the bottom!


Gen Y  

Who are We?

  • 1982 – 2002
  • Age 16 – 36
  • ¼ of Canada’s Population

Average Household Income

  • Gen Y $71,000
  • Overall Population $85,000

Net Worth

  • Gen Y $35,200
  • Overall Population $295,000

Average Debt

  • Gen Y $5,600
  • Overall Population $22,000

Life events . . . saving for something?

  • Wedding $42,000
  • House/Condo $496,500 (Canada), $724,000 (Vancouver)
  • Baby $10,000 - $15,000 year
  • Retirement ???

Tools?

Apps

  • Mint - The veteran of personal finance apps, Mint is popular as a first step for those seeking to track their spending.  
  • YNAB - With a "give every dollar a job" philosophy, YNAB is big on delivering support and advice to users on how best to curb spending and save their money.
  • Freshbooks - For folks with businesses who need to manage their invoicing and business spending.  

Info

  • Wealthsimple – Easy to understand articles on finances and investing.
  • Nestwealth – Canadian personal finance bloggers to follow.

Advise? 

  • Robo Advisor
  • Financial Advisors
  • Bank
  • Independent
  • Fee-For-Service

This is all just a brief summary, next time we’ll be going further and delving a bit deeper.


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