Investment Advice and Side Hustles Top of Mind as Gen Z and Millennials Seek Greater Financial Security: BMO Survey

  • A quarter of Canadians feel less financially secure now than they did last year, but 72 per cent remain optimistic about their financial future for the year ahead

  • Nearly half of Gen Z and Millennials are seeking advice on investing and how to grow the money they have

  • 54 per cent believe digital banking tools and tips play an important role when managing money

TORONTO, Sept. 13, 2023 /CNW/ – This quarter’s BMO Real Financial Progress Index reveals young Canadians are increasingly seeking guidance on side hustles, how to grow their money and achieve financial security amid concerns about rising interest rates, inflation, and economic uncertainty. Among personal finance topics, the survey found Gen Z (ages 18 to 24) and Millennials (ages 25 to 44) are most interested in learning how to grow the money they have and diversify their sources of income:

  • Financial Anxiety: Concerns about their overall financial situation are the leading source of financial anxiety among Gen Z (90 per cent), as well as younger (ages 25 to 34) (88 per cent) and older (ages 35 to 44) (86 per cent) Millennials.

  • Learning to Grow: Younger Millennials are the most likely generation to seek advice on how to grow the money they have (56 per cent), followed by Gen Z (47 per cent) and older Millennials (47 per cent).

  • Passive Income for an Active Generation: Nearly half of Gen Z (46 per cent), as well as younger (46 per cent) and older Millennials (50 per cent), are interested in advice on investment strategies.

  • The Side Hustle Generation: Nearly half (48 per cent) of younger Millennials are looking for more information on how to generate other sources of income, followed by Gen Z (40 per cent) and older Millennials (36 per cent). Only 23 per cent of

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Tips on saving and building strong financial habits for your post-secondary years

For lots of younger Canadians, the shift to submit-secondary schooling can experience like a huge leap. It really is a time that typically marks getting on bigger monetary independence and duties.

Noah Booth, a Kingston, Ont.-based mostly teenager and writer of the e-book A Wealthy Long run: Essential Economical Concepts for Youth, is embarking on this journey, and he’s focused on the options ahead.

“Heading to a put up-secondary plan, such as college or university … is an expenditure in by yourself,” he states. “It can lead to a potential occupation, give you fantastic activities, and, from a fiscal standpoint … open up doors for you down the street.”

At the exact time, Noah recognizes the monetary impacts that tuition, housing, food and other charges can have on a university student. “It’s a high priced section of existence, for positive lots of people today heading into or in multi-year applications might choose on some debt,” says Booth. This is in which creating superior behavior can assist. “I assume it commences with awareness—understanding what you have coming in, becoming watchful about what you are spending and exactly where your revenue is going—even little actions can go a extensive way more than time.”

Managing your funds as a publish-secondary pupil

With increasing tuition  and increased fees of living throughout Canada, the submit-secondary many years can carry a significant bill. Booth has a few guidelines for how to help continue to keep your finances in check.

1. Strategy ahead and set objectives

Because prices and bills could incorporate up even though you might be attending college or university, remaining proactive and preserving early can help you put together for these charges. “Planning forward can make a major change,” suggests Booth. “If you commence preserving when you’re younger, that can get you into

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How to Choose a Financial Advisor in 2023

Financial advisors aren’t only for the very wealthy. People in all sorts of financial situations can benefit from professional financial planning services.

Whether you need to come up with a saving plan for retirement, manage your debt, diversify your portfolio or make your paycheck last longer, a financial advisor can help you set clear financial goals and map out how best to meet them.

Read on to find out how to find a financial advisor, from identifying your financial advice needs to choosing the right type of financial advisor for your situation.

6 steps to Finding the Right Financial Advisor

  1. Identify why you need financial advice
  2. Find the best financial advisor for you
  3. Know how financial professionals get paid
  4. Determine whether you need a fiduciary financial advisor
  5. Search for the financial planning you need
  6. Meet potential financial advisors or brokers
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Step 1: Identify why you need financial advice

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Finding the right kind of financial advisor is easier after you determine why you need one. Are you early in your career and want to know how much — and how — to save for your financial goals? Are you paying for your child’s education, or navigating finances during a divorce? There’s likely an advisor for your specific situation.

You may need more than one kind of financial plan, and that’s OK. Just make sure the financial professionals you’re considering have the skills, knowledge and experience to help you with your specific financial needs.

Here’s a list of issues financial advisors may help you with:

Financial advisor services How a financial advisor can help
Retirement planning A financial advisor can ensure you’re maximizing retirement-specific tools like your 401(k) or Roth IRA so you can maintain your lifestyle after you
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How to Choose a Financial Advisor

Financial advisors help people manage their money and reach their financial goals. They can provide a range of financial planning services, from money management and budgeting guidance to investment management.

Some financial advisors have additional certifications or expertise that allow them to help with complex financial topics, such as estate planning, insurance needs or tax preparation.

Finding the right financial advisor for your situation is key — doing so means you won’t end up paying for services you don’t need or working with an advisor who isn’t a good fit for your financial goals. Here are five steps to help you choose a financial advisor for you.

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Step 1. Identify your financial needs

Before you start looking for the right advisor, reflect on what you’re hoping to get out of that relationship. Financial advisors provide a wide range of services, so it’s a good idea to know what you need help with before you begin your search. Some advisors may specialize in particular areas of finance, such as debt management or investment advice, while others may provide holistic help, guiding you on everything from savings goals to retirement and estate planning.


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Gold investing tips from financial experts

Investing in gold can be a worthwhile practical experience for traders who take the time to have an understanding of how to do it sensibly.

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Investors typically turn to a gold investment decision as a way to diversify and secure their portfolios. Gold has a extended-standing reputation as a protected-haven asset that can temperature economic uncertainties and provide constant, trusted returns.

But, as with any expenditure, there are some matters to maintain in head to make sure the important metal pays off for you. To support you do just that, we requested some economic specialists for their advice when it comes to gold investing.

Start discovering your gold investment decision options now by requesting a cost-free information package here.

Gold investing recommendations from fiscal industry experts

Here is what experts suggest for potential gold buyers.

Opt for the proper financial commitment kind

There are lots of means to commit in gold, and the ideal 1 for you relies upon on numerous factors. Each individual kind of expense has its execs and downsides, so it really is important to comprehend which matches your financial commitment ambitions and threat tolerance.

“The sort of expense form to use must be decided by a number of distinctive variables: cost, ongoing administration service fees and liquidity,” claims Dana Menard, CFP, founder and direct monetary planner at Twin Cities Prosperity Strategies. “Each and every type will have various variables.”

Some financial industry experts we not too long ago spoke to most commonly advisable investing in gold via trade-traded resources (ETFs) and mutual resources

As Noah Damsky, CFA and principal of Marina Wealth Advisors advises, “If clients have resolved to increase gold to a portfolio, I would only use gold ETFs that are backed by bodily gold storage, these kinds of as

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Investment Tips For Women To Ensure Financial Security In The Long Run

Women should really preserve some dollars for emergencies before delving into the environment of investing.

Women of all ages seeking economic protection, in the very long run, should really have their expenditure portfolio reviewed on a frequent foundation so that modifications can be manufactured as needed.&#13

Absent are the days when females made use of to depend fiscally on their moms and dads or their spouses. Currently, each female has the capacity and prospect to make their long term and financial balance protected. Right here, we have enlisted some expense ideas for women to make certain their fiscal security in the extensive run.

Prolonged-expression economical balance

The appropriate investments are definitely critical for women of all ages because it lets them to develop their prosperity more than time. Investing not only serves as a safety web for retirement, emergencies and other economic aims but it also minimizes the probability of turning out to be entirely reliant on cash flow from employment and other resources.

Probability of working with inflation

Financial commitment is a impressive software versus rising inflation. More than time, it increases both of those revenue and the getting energy. Women of all ages can brace them selves for increased inflation in the potential by investing their funds in the right sites.

Established your fiscal objectives

The very first factor to recall though investing is to have a specific fiscal aim in head these kinds of as retirement, education and learning, shopping for your to start with property or starting off your individual organization. With a target in brain, you will be in a position to select the greatest investment technique for oneself.

Produce an crisis fund

Gals ought to preserve some revenue for emergencies before delving into the planet of investing. In the beginning, established a personal savings

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