Tying the knot? Buying a home? Starting a family?
19 Jun, 2013, 07:00 ET
• Scotiabank offers financial tips for thirty-somethings ready for their next big steps
TORONTO, June 19, 2013 /CNW/ - Scotiabank offers financial advice for Canadians as they transition into the next phase of adult life:
|1)||Tying the knot? It doesn't sound romantic, but when you get married, you're also marrying your finances, taking on assets and in some cases, debt. To avoid problems down the line, we suggest you have the "financial talk" with your significant other to learn about their savings and investing style. If one of you is more willing to take risks vs. being more cautious, it's important to have that understanding going into the marriage. As well, if one of you carries debt - whether it be student loans or otherwise, both partners need to be aware in order to come up with a financial plan to pay it off.|
|2)||Leaving Renting Life Behind? According to a Scotiabank poll, almost 6 in 10 Canadians in their thirties (58%) own their home. Owning a house or condo can be one of the biggest and best investments you will make. We know that while rates are important, reducing the length of the mortgage can really pay off. Seek out a financial expert for advice on picking the right mortgage for you and to put a plan in place to own your home as quickly as possible without significant impact to your everyday life.|
|3)||Starting a family? Kids can be wonderful…..and also expensive. Having a monthly budget is key to maintaining financial control with your expanding family. There are simple and free online tools parents can use to keep track of where their money goes each month. As well, using products that help you save or earn rewards on your everyday spending can help you build a savings fund for things like birthday parties, buying school supplies or a new pair of sneakers. For long term planning, consider contributing to a Registered Education Savings Program.|
"People in their thirties are balancing a lot of things in life financially, whether paying off student loans, buying a first home, starting a family, or in some cases a combination of all three," says Mike Henry, Scotiabank Senior Vice President and Head of Retail Payments, Deposits and Lending. "It's worth meeting with a financial advisor who can help map out a financial plan to get you to where you want to be in the next five years and beyond."
About the polling data - Scotiabank Mortgage Landscape Study
Using Harris/Decima's proprietary panel of Canadians, a total of 1,000 completed surveys were collected from a random sample of panel members across Canada. The study was conducted from February 14-25, 2013. Subsequent to completion of the study, the data was weighted by region, age, and gender proportionate to the population of homeowners. To qualify, respondents must currently own their primary residence.
Scotiabank is a leading multinational financial services provider and Canada's most international bank. With more than 83,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. In December 2012, Scotiabank became the first Canadian bank to be named Global Bank of the Year and Bank of the Year in the Americas by The Banker magazine, a Financial Times publication. With assets of $754 billion (as at April 30, 2013), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
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