If it seems that there is constant negative press about Generation Y and its ability to survive in today’s economy, you’re right. It’s a lot tougher out today for young people to make it financially. Tuition fees are extraordinarily high and continue to climb. Home prices in the Lower Mainland are pretty much unaffordable for most people, and retirement will likely be a thing of the past by the time your kids and grandkids reach age 65. No matter how bleak things look, you still need to encourage them to budget and save. If you are able to, help them financially, albeit responsibly.
Generation Y: Tips from a Financial Advisor on How to Help
1. Give Generation Y money to help them save for their education.
If you are financially able to, direct any child benefits or gifts of money your child receives into a Registered Educational Savings Plan (RESP). Show your kids the power of savings by letting them see their RESP statements and encourage them to put babysitting monies, or other income earned into it. It’s important they help to contribute to their education costs.
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The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.