According to recent surveys, North Americans are facing serious financial challenges.
In Canada :
- 35% of Canadians do not have any savings or investments.
- Only 27% of private sector workers have an employer-funded pension plan.
- The average savings in Registered Retirement Savings Plans (RRSP) is only $ 55,000
The US picture is even gloomier.
- 33% , or more than 77 million , of Americans don’t pay their bill on time.
- 39% carry credit card debt from month to month.
- Only 59% of adults say they have savings.
- Worse, more than half now think it’s acceptable to default on their mortgage if they can’t afford to pay it.
Most of us don’t wait to become a statistic to know that we’re in trouble. These problems are all around us. They happen to our own family and our friends ‘families.
It’s ironic that we live in one of the wealthiest countries in the world, but we always have money problems. We can work hard all our lives but retire poor. We do so much to raise our kids just to see them finish college with a lot of debt. Debt becomes a way of life.
We don’t have much, and we don’t know much. Nobody teaches us how to manage our money in school. Financial issue are not often discussed, and and financial products not always explained.
Remember; There is nobody more interested in your financial future than you are, definitely not the government or your employer.
It’s your responsibility to learn the simple rules of how money works. Understand how money works is part of taking care of your family.
You can do it. You can build you future.