Rob Carrick: How Personal Finance in Canada Has Changed Over the Last Three Decades | TWB Podcast #3

Our guest this episode is Rob Carrick—one of the most well-known personal-finance experts in the country through his 30+ years as a financial writer and columnist for The Globe and Mail.

In this episode Dave and Rob discuss how personal finance in Canada has changed over the last 35 years including how more parents are helping their adult-age children financially, how social media is increasing the pressure to spend, why FHSAs are the ultimate no-brainer and much, much more. You’ll enjoy this discussion with Rob Carrick.

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Show Notes:
00:00:00 – Introduction
00:03:30 – It’s More Expensive to Have Kids Today
00:06:01 – Pressure to Spend
00:07:24 – Crazy What People Spend on Cars
00:09:24 – Spending & Lines of Credit
00:12:27 – What Dave is Seeing From People’s Spending Summaries
00:13:47 – It’s Financially Difficult to be Single
00:15:12 – Costs Are Rising for Seniors
00:19:06 – More Parents Are Helping Their Kids Financially
00:22:09 – People Need Help with Retirement Planning
00:27:05 – Fee-Only Financial Planning
00:31:19 – Divorce Rates Going Down
00:32:18 – People Are Having Fewer Kids
00:33:13 – Boomers Had It Easier
00:36:18 – Pensions Are Making a Comeback
00:38:18 – Counting on Inheritances
00:39:05 – Some Young People Are Giving Up
00:40:16 – Anyone Can Manage Their Money Well
00:41:24 – Is Personal Finance Harder Today?
00:42:17 – Pets Are More Expensive Than You Expect
00:44:30 – You Have to Make Spending Tradeoffs
00:46:16 – You Feel Better When You’re On Top of Your Finances
00:48:44 – Debit vs. Credit Cards
00:50:54 – Should Couples Manage Their Money Together?
00:54:01 – FHSAs
00:55:08 – TFSAs
00:58:11 – The Problem with the Bank-Branch System in Canada
01:00:23 – FHSAs Are a No-Brainer
01:03:39 – Why Hasn’t Canada Embraced Passive Investing Like the US?
01:05:38 – The Wrong Way to Use ETFs
01:08:26 – Men vs. Women Investing
01:12:19 – Why Don’t Canadians Use Mortgage Brokers?
01:14:08 – RRSPs are Still Great
01:16:48 – Conclusion