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Without a doubt, it’s been a rollercoaster ride for Gen Z this year. Young Canadians faced many financial challenges, from housing affordability to rising grocery prices and navigating an unstable job market. Although these issues will spill over into the new year, there are ways to prepare. Here are five things that will likely impact Gen Z in 2024, and what you can do about them.
1. A recession will make work more precarious for young workers
Depending who you ask, Canada may or may not currently be in a recession. Either way, the reality is that big banks, tech companies and other employers have announced mass layoffs in recent months. It’s been a bumpy year for many young employees.
With so much uncertainty, you should prepare financially for the possibility of losing your job in 2024—even though this is the worst-case scenario. Along with women and racialized employees, young adults are often the most vulnerable to layoffs, as we saw during the COVID-19 pandemic…
10 SMART financial goals to set for 2024
– moneysense.ca
It’s that time of year again—when we set our New Year’s Resolutions for 2024. If you’re like me and your bank account is down a bit from gift-giving during the holidays, it might be a good time to think about how you can give back to yourself financially. Here are 10 SMART financial goals to consider this year. Plus, a brief overview of the SMART system and examples of how to set financial goals.
What are SMART financial goals?
You might be familiar with SMART goal setting from high school, or that go-getter friend who can’t wait to get their planner out on January 1.
When using the SMART goal-setting method, use the following criteria:
Specific: Try to avoid setting broad goals like “In 2024, I will become financially stable.” It doesn’t specify how you will achieve this nor the specific actions you need to take. Try to think about the “how” when deciding on your goals. How would you become financially stable? Would it be by reducing the debts you owe? In this case, could your goal be to pay off a portion of your largest debt?Measurable: When it comes to setting effective financial resolutions, figure out the numbers as a target, so you can plan and measure your progress…
