Over 8 million individuals have applied for the Canadian Emergency Response Benefit (CERB) since its inception in March 2020. The benefit was introduced to help people who are impacted by widespread business and school closures due to COVID-19. And it was recently extended from 16 weeks to 24, now lasting until October 3, 2020.
Most consumers typically have both a credit card and a debit card. Of course, the biggest difference between the two is that a debit card will immediately take money out of your bank account when used, unlike a credit card, which will pay for the purchase and later add the amount of the transaction to your monthly statement.
But are there any other differences between the two?
In a few short years, it seems as though the banking industry has revolutionized. It is now easier (and more convenient than ever) to tend to your banking needs, all from the comforts of your pyjamas. Gone are the notions of banking hours, and the never ending lineups when you want to deposit your paycheque.
The moment that your first professional paycheck enters your bank account can be a euphoric experience. Finally you can trade in those frozen pizzas and microwavable popcorn for some real food! However, this new cash flow can also be overwhelming - post-university life comes with a host of additional financial and social responsibilities.
For many early 20-somethings that are freshly graduated and are now facing credit card and loan bills, the last thing on their mind is investments.
These are the obstacles we all face in trying to achieve our financial goals:
Credit scores are Canadian’s financial identity - it is the three digit number that informs future lenders, creditors, or employers how financially responsible an individual is. This score will dictate a person’s ability to rent an apartment, buy their own home or vehicle, and qualify for loans at reasonable interest rates.
Purchasing a home can be an overwhelming ordeal for first time buyers. Not only is buying a home the largest investment you will make in your lifetime, but it is also an incredibly complex process with endless intricacies popping up along the way.
If you’re just starting to take charge of your financial future, it can be stressful approaching financial planning with confidence. Do you ever talk to your bank or financial manager and think that they’re speaking a foreign language?
Remember your mid-twenties when retirement seemed like a lifetime away, and living paycheque to paycheque was your reality? ‘If only I knew then what I know now’ can be heard echoing throughout offices in banks around the country. So we’re here to heed that warning and help you understand the magic of compound interest in long-term savings, before it’s too late.