I read an interesting article the other day. The numbers mentioned really hit home and reconfirmed why I am in this on-line space doing what I am doing.
“For the first time ever, according to the Statistics Canada 2011 Census, there are more Canadians living alone than there are couples with children. One-person households make up over 27% of all households in Canada.
When you live on your own, you have different financial needs that affect virtually every aspect of financial planning – from budgeting and retirement planning to insurance and tax and estate planning. You also face some unique challenges:
What if you have a financial emergency, such as job loss? Couples with two incomes have a partner to provide financial support. A single person lacks that safety net.
Meeting the cost of living can be more difficult. Think of mortgage payments, household expenses and car payments. These are all significant expenses a two-income couple splits.
Certain tax-saving opportunities are unavailable to singles. For example, you can’t make a spousal loan, contribute to a spousal RRSP, or take advantage of other income-splitting opportunities.”
If you are single and reading this, I would be interested in knowing if you have any safety nets in place, such as Long Term Disability, Critical Illness Insurance, or easily redeemable investments. Fortunately for me, when I was newly single, I had a financial advisor who pressured me into purchasing both LTD and CI insurance. The older I get the more I appreciate the peace of mind having these affords me.
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Nice article. People should have a plan in place in case of emergencies regarding their health. I hope people reading this article take notice and take action now. Anita
Great info that most people probably don;t even think about until it’s too late!
Great article Agnes, I had no idea that those statistics showed those sort of numbers! That’s quite scary really. It’s good that you are on-line and can keep in touch with your nearest and dearest. I know how much it means to me now, and it is a great ‘vehicle’, when you have limited mobility. Insurance is a must and is good to get when you are young and fit. It becomes much more difficult and expensive later in life when the unexpected happens! So you have made a wise decision! Thanks for posting, very interesting perspective on life…
Kind regards Ron
I’m Canadian and a single house hold, so I love you advice.
There are many additional stresses. Like you I had good financial advice and do carry long term disability. I do plan but it is getting harder to do. Economic uncertainty in the last few years can be scary.
I hope more people are starting to see the important of planning and setting yourself up correctly. Even if you are married, as my friend found out only this year that too can end and if it does you want to be set up financially.
Your post is sending a very important message Agnes and also serves as a reminder to me to purchase another LTD policy. I had one several years ago but had to cancel it when money became tight. Thanks!
This is an important message to get out, regardless of the statistic, but I seem to be in another category – Not eligible for LTD, I must find another way. Thanks for keeping me inspired to keep pushing on!
Very interesting information Agnes and what a lot of people do not think about. Thanks for sharing.
27% wow – that’s way higher than I would have guessed.
Great info Agnes, thanks for sharing.
Having been partnered since I was 17 and still with the same fella, married now for 27 years, I truly have never even thought about this dilemma for my single friends.
What an eye opener. I’ll be sure to share your post so that others may benefit from your wisdom. Thanks Agnes 🙂
Agree with this. As a single woman I feel I miss out on a lot. So many tax opportunities and discounts for those who live with someone when in fact its more expensive to be single!
Thanks for posting this Agnes. Important things to know. Though I am not single I am aware that life can change in an instant.