Even though Canada has world class healthcare, it is not a guarantee that everyone will be able to afford additional costs that are not covered by the government. Even though healthcare is essential, it may be a challenge to keep up with any fees that are not covered. Tom Terzis notes that just because you may current afford private plans, doesn’t mean you will in the future. More and more people are having to forgo more expensive plans, even if those plans contain benefits that are closer to a need than a want, such as drugs and therapy.
Unfortunately, the costs of both houses and rent are on the rise. Now, more than ever, it is a struggle just to pay the bills, let alone make down payments. It’s taking longer and longer to save up for the initial process of moving into a new place, and once you’re there the costs of living there are eating away at spending money and even savings. Regardless of whether you’re paying rent or paying off a mortgage, there is a desperate need for relief here. Tom Terzis says that the alternative solution of waiting longer to move out is a band-aid at best, and it can put stress on both the individuals attempting to find new housing as well as their caregivers.
Saving For Retirement
One struggle that is becoming more and more of an issue is ensuring that there is enough money saved for retirement. More and more of our money is being spent on things that are happening in the moment, some admittedly unavoidable and very much necessary costs, but overall the mentality that society has towards spending has shifted towards being “present-first” with their spending. Tom Terzis states that it can be a daunting feat to have saved up enough for retirement when you’re being proactive about it and when you are not, you might not be able to afford to retire.
Even though the first world has the best access to healthcare systems, it’s not a guarantee that everyone will be able to afford it. Even though healthcare is by and large an essential thing to have in the modern world, it can be a challenge to keep up with the associated monthly payments. Tom Terzis notes that just because you can afford a plan either doesn’t get you in the clear. More and more people are having to forgo the higher-end more expensive plans, even if those plans contain benefits that are closer to a need than a want, such as vision care and physical therapy.
Student Loan Debt
The amount of student loan debt has skyrocketed throughout the turn of the 21st century, and there’s no sign of relief in sight. The costs of education have gone down, and the amount of time spent by the average individual to pay off their student loans has gone up drastically. The sheer amount of costs associated with student loans has also become a barrier for more and more individuals, alienating them from pursuing a post-secondary education in the first place. Overall, what used to be a manageable debt has quickly turned into a borderline epidemic for younger generations.
Something that we used to take for granted has now become a legitimate concern: The simple process of spending money on the things that we need to live on a day-by-day basis. There is an increasing concern that mundane things like groceries, home repairs, insurance, and so on are getting further out of reach. People are having to buckle down and assess what their needs are versus their wants, and it’s not exactly a clear-cut process. Tom Terzis notes that with all this extra stress, the psychological impact of having less side money, less funds for minor indulgences that would provide at least some comfort is being felt. With almost everything having to be set aside for bills and essential costs, it’s resulted in an increased sense of dread in the public.
It can be easy to get wrapped up in worry, but rest assured, there is a massive difference between being aware of what financial issues are the most prevalent in today’s world and letting them overwhelm you. Tom Terzis concludes that it is important to never forget that financial planning is a powerful tool to provide the peace of mind you need in an increasingly uncertain world.