What are the top financial questions on peoples’ minds these days?
Today we’re looking at the top financial questions on people’s minds
Fidelity Canada recently shared the following list of some of the personal finance questions that have been trending higher among Canadians this year:
- What credit score is needed for a house?
- What’s the difference between an RRSP and a TFSA
- What are the TFSA/FHSA/RRSP contribution limits?
- What is compound interest?
- What is inflation?
- Should I save or invest?
If you’re curious about the answers, you can read the article here. (Our non-Canadian readers can skip questions 2. and 3., which refer to Canadian tax-advantaged accounts.)
What financial questions are on your mind? What would you add to this list? We’d love to hear from you!
And when it comes to the next generation, what financial terms are they most and least familiar with? We plan to share some research on that in a future newsletter.
In the meantime, to help your kids brush up on their knowledge as a new school year begins, (which for some students may mean a mandatory financial literacy course and test), consider picking up a copy of The Wisest Investment: Teaching Your Kids to Be Responsible, Independent and Money-Smart for Life.
Media corner
- I really enjoyed being a guest on CIBC’s Smart Advice with Carissa Lucreziano podcast, where we talked about “money lessons” to help your kids get ahead financially. Whether you’re a parent eager to guide your children toward financial independence or an educator looking for insights on financial literacy, this discussion offers invaluable strategies to help shape financially responsible and confident young adults.
- I weighed in on the results of a recent survey conducted by Rob Carrick, personal finance columnist at The Globe and Mail, about how parents are teaching their kids to navigate an increasingly cash-free world. You can read about the survey results (some of which surprised me!), as well as my comments and observations, in Rob’s column, A new normal in parenting is to give your child a credit card.
- As we saw in some of the question above, contribution limits for the various registered accounts in Canada can be confusing! To help you understand how much you can contribute, how your contributions compare to other Canadians and whether you’re contributing enough, I wrote this article for Tangerine’s The Juice: TFSA and RRSP contributions: what you need to know. I also recommend this article from Fidelity Canada, Your FHSA contribution limit: avoid these 5 common mistakes.
- coming up next month…
