Millennials – Household budgets – Wages, Career Management and Cost of LivingBy: Paul Young, CPA, CGAOctober 22, 2016
Agenda
Student debt Average starting Salaries and household budgets Government Policies New Reality Other Sources
Student Debt
Source: http://news.nationalpost.com/news/canada/as-student-debt-climbs-to-an-average-past-25k-schools-invest-in-battling-the-mental-health-issues-it-causes
Issues:• Student loans start after you graduate
Scenario 1Salary 35,000
Analysis
• Millennials on their own• Rent can range from
$850 to $1,100 a month• Mass transit is likely
used more with Millennials on their own
• Hard to save for a house when you have money tied up in household spending as well as student debt.
• Many millennials live at home• No Rent• Free access to
cable/internet
New Government Policies
CPP hikes New mortgage rules Reducing TFSA from 10,000 to 5,000 Student Debt repayment Training and skills development Carbon Taxation
Cost of consumer goods
New reality
Slow economic growth (1.5% to 2.2%) Staying in current jobs longer than previous
generations Cost of living forcing millennials to live at home
longer Government policies has restricted new foreign direct
investment
What can be done
Millennials Need to managed their name Select a career that both pays a good income as well as
having career opportunities Network early and often through linked-in Start with financial plan sooner than later Push government to support policies that support
economic growth and low taxation Do not get caught up with MSM when it comes to
politics. You need to ask tough questions when it comes to policies. Selfies do not pay the bills!
Other Sources
Instagram – http://www.slideshare.net/paulyoungcga/how-to-use-instagram-for-marketing-activities
Career Management - http://www.slideshare.net/paulyoungcga/career-and-financial-management-strategy-for-millennials-22-year-olds-to-38-year-olds
Wages and Employment - http://www.slideshare.net/paulyoungcga/wages-and-employment-canada-july-2016
Understanding of Government Policies - http://www.slideshare.net/paulyoungcga/what-is-carbon-tax-or-a-price-for-carbon
Labor Market - http://www.slideshare.net/paulyoungcga/canada-labour-market-september-2016
How millennials can be successful? http://www.slideshare.net/paulyoungcga/how-can-we-help-the-millennials-be-more-successful
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