The Good Life, Wealth
Have you bought things to make yourself feel better? Have you used your credit card when you didn’t have enough money in the bank to pay for something. If you answer yes to questions like this, you may be part of a large cohort of Canadians who spend without thinking of their financial futures. According to a survey commissioned by Mackenzie Investments, the age of 50 is the big divide, when it comes to saving for retirement. But a surprising number of boomers still focus on spending today. The survey says more than half of Canadians under 50 spend their disposable incomes without thinking about their financial futures, and 21 per cent over 50 do the same. The poll was conducted by Decima research and the bottom line is we should all start saving and investing as soon as possible. If you don’t get serious until the age of 50, it may be too late.