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www.insidehalton.com |OAKVILLE BEAVER |Thursday, July 27, 2017 |16 halton.ca (| 311 Halton Millennial^ financial priorities ecently the Bank of Montreal published Why! concerning issues faced by Millennials -- those in their 20s and 30 s , for merly `Generation Y.' This age group arrived in their adult years as Canada became more comfortable with debt, particularly because of recent low interest rates. The report showed just under one third of these Canadians are most concerned with paying down their accumulated debt. Unlike previous generations, student debt is a major concern. The Canadian Federation of Stu dents reported the average Millennial has a stu dent debt of $27,000. Recently, the Bank of Canada increased the overnight interest rate for the hrst time in seven years. If this is the beginning of increasing interest rates, debt for all Canadians, will become more signihcant. Paying the interest on debt can be challenging. For some, it might be impossible. Not only has the cost of an education in creased, twice as many young adults have pur sued a post-secondary education as had in past. Over a lifetime, a strong education signihcantly adds to ones earning power. In the short term, the debt incurred as a result is signihcant. Unfortunately, job security and job opportuni ties are weaker for this generation. The BMO report stated Millennials who save are conservative. They quoted a 2014 study that found Millennials to be the most hscally cautious generation since the Great Depression. Added to that, 37 per cent of men and 29 per D c e in ii REGION n o t ic e o f c o n s t r u c t io n R Dollais & Sense Peter Watson Guest Contributor Second Feederm ain to the W ashburn Reservoir and Booster Station, C ity o f Burlington cent of women were concerned about their hnancial literacy. The BMO report came with some suggestions. One. Insure yourself against the risk of illness or disability. Developing an illness or disability will likely reduce your earning power. Two. Improve your hnancial literacy and create a hnancial plan to prioritize your objectives and develop a strategy to achieve them. Three. Consider investing in a Registered Re tirement Savings Plan (RRSP) or a Tax-Free Sav ings Account (TFSA). Apparently, the savings vehicle of choice for Millennials is a savings account. In many cases, in my opinion, that is a mistake. Both RRSPs and TFSA offer considerable tax advantages. On a positive note, Generation Why! found this demographic to be a more qualihed age group at the time of entering their careers. Hopefully they will use their skills to success fully manage their careers and personal hnances. -- submitted by Peter Watson, of Peter Watson Investments, MBA, CFP®, R.FP, CIM, FCSI a ll yo u c a n eat C o n tra ct N u m b er: S c h e d u le d Sta rt D ate: S c h e d u le d C o m p le tio n D ate: C o n tra cto r: P ro je ct M an age r: W-2931D-16 August 2017 December 2019 C&M McNally Engineering Corp. Jacek Pawlus 905-825-6000 ext. 7204 Jacek.Pawlus@halton.ca Building lu n cho rd in n er ) a Better 'Halton order a sushi boat for your next backyard party! Halton is the home of cycling in Ontario Halton Region is a top destination for cycling, offering enthusiasts a number of unique and exciting routes to explore. Take advantage of the summer weather and bike along Lake Ontario's scenic waterfront, or head north to the Niagara Escarpment and explore challenging terrains within forested areas. Looking to escape the heat? The Mattamy National Cycling Centre in Milton provides indoor track programming and training opportunities for cyclists of all ages and skill levels. To learn more or to plan your next cycling adventure, visit h a lto n .ca /cy clin g or download the OneHalton App. Meetings at Halton Region, 1151 Bronte Rd., Oakville, L6M 3L1 Visit halton.ca/meetings for full schedule. Gary Carr Regional Chair No Regional Council or Standing Commitee meetings in August. 280 North Service Road W.@ Dorval 905-338-6228 10% o ff Please contact us, as soon as possible, if you have any accessibility needs at Halton Region events or m eetings. www.august8.ca Dinner only. Cash only & with this ad.