The most recent Canadian census revealed just how much has changed in the way people live their lives. From a considerable move away from what is considered to be the ‘family unit’ to an increasingly ageing population, Canadians now face unprecedented challenges.
One of the biggest changes is in how many people are now living alone as they approach retirement or when they are retired.
Throughout my 30 years in the financial services industry, I have worked with 7000 families, and I now see more and more people who have either never married, or who have been divorced later in life.
Whether for better or for worse, the life you expected to live is now not your reality. Most financial services are based on selling you something, so if your assets are half of what they were when you were in a couple, or half of what a couple might have if you’ve never married, you might not readily be offered the exact help you need.
The financial challenges faced by single people
People are living longer and they often live alone long after their partner has passed away. As well as this, people are getting divorced later in life, while others choose to remain single throughout their lives; all of these situations bring financial challenges. Here are some of the financial challenges and issues that single people have to face:
- They need to take care of themselves so they need an emergency fund
- Adjusting to the financial challenges of being on their own when any financial plans would have been likely to be based on living with a partner and sharing expenses and responsibilities
- People who find themselves single later on in life don’t have the time to make up for any financial shortfalls or work towards building a bigger retirement fund.
- What will happen if they become ill; who looks after them? Who deals with their affairs?
- Do they have adequate health insurance, and insurance against disability and critical illness? Lifetime benefits are more important as there is no spouse to benefit from life insurance in the event of their death.
How I can help?
Money is such a personal thing. We might vent to friends about it in general terms but we rarely talk specifics, so how do we know if our money situation is okay and we’re on track to achieve our financial goals?
Many people feel that they want to keep their finances confidential, and feel that they don’t want to go to their local bank for advice, especially if they live in a small town, as everyone knows each other. I can offer a confidential ear, and sound advice. I understand the unique financial challenges that single people face, and I know that:
- Single people can feel more insecure about their financial situation, and planning for the future, especially if they are newly single due to divorce or bereavement. I can be a voice of reason while you get used to your new normal, or indeed while you figure out what your new normal is.
- Divorce is a form of grief and people can make bad decisions when they are in that state of mind. I can help them gather their information, makes sense of things, and keep their legal bills down. I’m on call to support you not only through the dark moments, but to celebrate any financial milestones you’ve achieved.
- You want peace of mind that someone you trust is holding your details securely. I will know who is in your support network and work with you to make plans for what might happen if one day you are unable to deal with your affairs.
Let me guide you to a more certain future
Single people can be more vulnerable to financial disaster, as they only have one income to rely on. They can get talked into bad decisions because they don’t have anyone to bounce ideas off.
But now you do. The way I approach financial services is different.
With fee for service, you only pay for the help you need, I do not sell products. In return, you get my honest opinion on your financial situation and outlook, and whether it’s good or bad news, we can work together to figure out a plan to get you back on track.
I get called many things; from financial detective and money coach to a financial quarterback, but I prefer to think of myself as the co-pilot to your future. It can be brighter than you think.
Contact me to get yourself back on track to a healthy financial future on 306 535 2255 or at k@yournwm.ca
Get to know each other phone at no fee.
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