Why young people are stressed about their finances, two new Amex credit cards, the cost of raising kids and more.
- 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: