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Wealth Professional | 18 Nov 2015, 09:00 AM Agree 0
A survey of 1,700 Canadians finds millennials are having a harder time starting a family compared to other age groups because of high real estate prices but a look below the surface finds that’s not the entire story
  • Ken MacCoy, CHS | 18 Nov 2015, 07:01 PM Agree 0
    While I'll agree housing costs, childcare & existing household debt all affect family affordability, or the lack thereof; there is a much larger problem.

    The problem is: Wants versus Needs.

    Most people 'WANT' the big house, the big screen TV, the big truck or fancy car, fun in the sun, but at what cost? Increased debt!

    The reality: we don't NEED it! BUT, few heed the warnings and continue to take advantage of low interest rates & rack up more debt.

    The reality: this problem doesn't apply exclusively to millennials (Generation Y), but also to Generation X and Baby Boomers as evident by the increasing debt of Canadians.

    Meanwhile, most families live from paycheque to paycheque because of debt .....and do NOT carry adequate disability, critical illness or life insurance coverage to provide financial security for their loved ones.
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