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Having a Financial Plan Tailored to You is Important at Every Age

BlueShore Financial helps Canadians with financial planning starting at any age—and advises that the sooner, the better

In 2022 and 2023, Canadians experienced an unprecedented economic environment, spurred by rapid successive interest rate increases over those two years, increasing inflation and general financial uncertainty.

But we didn’t all experience these events the same way. There are disparities in financial wellness and planning based on age and stage, according to a recent CCUA survey, “Understanding Financial Wellness Across Generations”.

One in four Canadians say they worry about finances “all the time” and nearly half (47%) have postponed major life decisions due to financial constraints. Only about a quarter (22%) have no emergency savings and many (59%) don’t have a financial plan or dedicated financial advisor.

Younger Canadians Worry Most About Finances

Significantly, younger Canadians are more likely to rate their finances poorly and delay important life decisions. The report finds the highest level of concern about finances among Millennials and Gen Z.

As a boutique financial institution providing a full range of personal and business banking, the team at BlueShore Financial pays close attention to research like this. In today’s economic environment, clients need more support for their financial wellness. With a branch network located across Greater Vancouver and the Sea-to-Sky Corridor, BlueShore Financial offers personalized solutions and expert advice, delivered in a Financial Spa® branch environment.

Financial Health at Any Age

Consider your 30s—you might be taking on a mortgage or starting a family, but the earlier you start saving, the better. Let’s say you invest $3,000 a year in a tax-free investment beginning at age 30, earning a 5% annual rate of return. At 65 you’ll have over $300,000 put away. The story’s quite different if you hold off until you’re 45. Even if you contribute $5,000 annually at the same investment return you would accumulate roughly $188,000, by the time you reach the same age.

In your 40s—peak earning years—think about keeping more of your income in your hands by catching up on any unused RRSP and TFSA contribution room. Consider income splitting strategies, including opening a spousal RRSP or lending money to lower-income family members to invest. Expecting a tax refund? Re-invest rather than spending those dollars.

By the time you enter your 50s, there’s a good chance your debt is winding down, and your questions and objectives may change. “Should you enjoy increased discretionary income or invest more for retirement?” Investment time horizons, market risks and health issues that derail your savings plans are also considerations. This is a great time to explore specialized insurance coverages, such as critical illness protection or long-term care, while you’re still in good health and premiums are less expensive.

In your 60s and beyond, as your start to explore life after work, the focus may shift again. After a lifetime of saving, you’ll want to explore options such as intergenerational wealth transfer and planning your legacy.

Take Control of Your Finances

The bottom line? You can take control of your financial future at any age. It’s never too early—or too late. Connect with a team member at BlueShore Financial for a plan made just for you.


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Ian Thomas is President and CEO of BlueShore Financial, a boutique financial institution providing a full range of personal and business banking, wealth management, insurance and commercial lending solutions. With a branch network located across the Lower Mainland and Sea-to-Sky Corridor, BlueShore Financial helps clients achieve financial wellness® through personalized solutions and expert advice.