Some older millennials in their early 40s have it even tougher, tackling their own student debt along with retirement savings and RESP contributions
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In a recent poll from financial planning firm Embark Student Corp., four in five parents said they believe it’s their duty to help their children pay for their education. Another 52 per cent said they would even go into debt themselves to get the job done. Being ‘financially secure yourself’ It’s important for advisors to sit down with clients and discuss precisely what their main financial goals are; focus on them; then see what’s left over, says Steve Bridge, an advice-only CFP at Money Coaches Canada Inc. in Vancouver. He asks clients to list what’s important to them and what they’re willing to do to meet those goals and still ensure their own financial future is secure.
Teaching kids self-reliance, resilience and being able to take care of themselves financially is a “really good thing,” he adds.“Parents should not put their kids’ education ahead of their own retirement,” she says. “You don’t know what’s coming. There’s so much in your future you have no control over.”
“You’re not paying the whole tuition. You’re probably paying maybe $500 for one course,” she says, explaining she has heard “horror stories” of clients’ children who have changed majors multiple times because they don’t know what they wanted to do.
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