Believing that some forms of debt are "good" could leave you in a bad place.
It's time to admit what we don't know and create a real strategy to help Canadians manage our money.
Most Canadians don’t feel confident about their financial planning abilities.
There have been government committees, discussions with the private sector and even a national strategy to teach Canadians basic personal finance. But when Statistics Canada data showed late last year that Canada's household debt is now larger than its GDP, it became painfully apparent that we're failing.
We're at an economic crossroads in the Canadian economic landscape. Today, more professionals are joining the growing ranks of the self-employed workers in Canada. This is driven in part by an increase in the on-demand economy, like ride-sharing, peer-to-peer rental, project-based job platforms and online retail platforms.
Why is it that very few of us actually take the time to sit down and actually assess our savings, spending and banking options until we want to buy a home or we begin to think about our retirement savings? Are companies profiting from our ignorance? Are they "banking" on it?
“It doesn’t have to be one or the other."