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Stressed out
Why young people are stressed about their finances, two new Amex credit cards, the cost of raising kids and more.
Current issue:
- A national survey for Sun Life has found 90% of young Canadians aged 18 to 24 are stressed out. That’s compared to 72% of the overall population. So what’s keeping young people up at night? Mostly money (44%), according to the insurance giant’s Canadian Health Index, as well as relationships (30%), work life (26%) and health issues (26%). Work life stress for this age group is significantly higher than for the national average (46% versus 26%) / while 39% say they’re underemployed. On top of work life stress, those aged 18-24 are also significantly more likely than all other age groups to be providing non-financial support to older family members.
- American Express launched 2 new credit cards Monday that allow cardholders to choose 5 retailers from a list of 100 where they want to earn double rewards points. Amex’s ChoicePlus Card offers 2 points for every dollar at selected retailers for redemption on travel, shopping, dining and entertainment. It also comes with a $65 annual fee and a one-time signup bonus of 7,500 points good for $50 at participating retailers including The Home Depot, The Keg, Holt Renfrew and more. There’s also a no-fee option dubbed the Choice Card from American Express. This card comes with a 1,500 signing bonus and gets you 1 point for every dollar spent at your favourite retailer and 1 point for every $2 spent everywhere else. We’ll be sure to consider these cards for our annual rankings next year. In the meantime, check out our Best Credit Cards 2012 for this year’s top-rated cards.
- As part of financial literacy month, FPSC is sharing more than 40 Teachable Moments for parents and kids. The lessons will pay dividends in the years to come.
- It costs %155,000 to raise a kid to the age of 18 in Canada, according to some estimates. Here’s an infographic on how the costs breakdown, courtesy of TD:
moneysense.ca, 5/11/12
No wonder young people are more stressed. They have almost no chance of affording tuition and living expenses, even if they work during school part-time and full-time during the summer. And often student jobs are very low paying, making it even tougher to earn enough to pay anything substantial. They are forced into taking loans out unless they have family which can help. At that age everything in your life is constantly changing, and you're learning a lot, so asides from finances, life is bound to be stressful.