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here is a wave of financial responsibility spreading across all walks of life. The most recent example has touched Canada's immigration policy. It is not surprising that people are becoming more fiscally prudent because we live in an economically-deteriorating environment. Our world has suddenly realized that spending money you do not have can only be a short-term phenomenon. History will look back on these years as a time of economic restraint. This started a few years ago with our friends to the south. The U.S. kicked things off with its sub-prime mortgage meltdown that started a world recession in 2008. Several old and significant investment firms went out of business and the North American car industry had to be rescued with massive government funding. Now that our part of the world has regained some economic stability, we have watched Europe bail out several of its countries. Greece has been the lead news story much of the past year -- would it go bankrupt? Our federal government has announced a reduction of funding for medical transfer payments to the provinc- A wave of financial responsibility is spreading T Dollars & Sense By Peter Watson 9 · Thursday, March 8, 2012 OAKVILLE BEAVER · www.insideHALTON.com "As politically difficult as these changes are (for governments), the cost of not changing is too great. The same is true for individuals." ening the purse strings. They have looked ahead and as politically difficult as these changes are, the cost of not changing is too great. The same is true for individuals. In many cases change is going to be necessary. Unlike the government you do not have teams of experts to work on the issues. However, in fairness, your personal situation is far simpler. What is your plan? What specific targets do you have? And if you achieve those targets, will your long-term financial goals become a reality? The world has changed. Economic reality must be recognized. Individuals are encouraged to manage their own financial affairs to avoid some of the economic hardship that has already impacted others around the globe. -- Submitted by Peter Watson, MBA, CFP, R.F.P., CIM, FCSI. es and a desire to reduce pension benefits to our aging population. Last week, Canada's Citizenship and Immigration minister announced a shift in focus towards new Canadians that would emphasize young, educated and qualified potential workers who speak one of our two official languages. The summary of this is that it is economically prudent to attract those who can have an immediate, economic and positive impact on our fragile economy. Decision-making is more and more influenced by the economic impact of these decisions. Fiscal prudence is the order of the day. That shift to more of a financially practical way of planning your life could have significant benefits to individual investors. Too many of us have seen individuals, companies and countries face economic hardship and our defensive instincts want to ensure this does not happen to us. Pro-active families will change with the times and discuss their financial security with more determination to correct things, if needed. Are you living within your means? Have you a written projection of your retirement cash flow? Do you have a clear goal of how much more you need to save for retirement? Money does not grow on trees and that is reflected by the federal government's decisions on medical transfers, pensions and now immigration. That is why Premier Dalton McGuinty released a YouTube video last week saying he wanted teachers to agree to a wage freeze: funds are scarce. 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