Photo by Lucreative via Unsplash.
Australia is on fire, the US and Iran can be wrong, and people always expect me to have an opinion on #Megxit. As if there wasn’t enough stress in the world, you can add your finances to the pile.
Young Canadians worry about money 2.4 hours a day, more than older people, according to a Scotiabank poll released Tuesday.
Over 70% of people between the ages of 18 and 34 find it difficult to save, invest and pay off debt. We know that personal debt is the norm; according to a Ipsos survey, about half of millennials are in debt and the most recent government figures show that the median millennium debt is $ 35,400.
And the less money you make, the more you care. Households that earn less than $ 50,000 a year worry about spending money almost twice as much as households earning $ 100,000 or more.
Where you live matters too. People in Atlantic Canada worry the most about their finances (3.4 hours per day on average) compared to Quebeckers who worry the least (43 minutes per day).
Considering the average length of time people under 34 are awake—15 hours — these 2.4 hours represent more than 13% of the total waking hours. This is more than double the amount of the time Americans spend eating.
So what does 2.4 hours of worrying about finances actually look like? Scotiabank spokesman Alen Sadeh said in an email: “The survey question did not define ‘worrying’ or what it looked like specifically. “
So here is our attempt to show you:
6.30-6.40 a.m. – I lie in bed thinking about how today is the 14th and tomorrow is payday and tomorrow will be better but it is also time to put money on your Visa and have I paid my phone bill last month? I think of my $ 8,500 in non-mortgage debt because who can afford a down payment and because I’m a composite character with the goal of making a bigger point about financial stress. Sixteen months at $ 600 a month, I can do it.
8:30 am-8:40am – I spent 15 more minutes in bed and I did not have time to prepare breakfast. I buy a coffee and breakfast sandwich that says it has cheese in it but tastes like vegan cheese. I feel guilty about having a big one and not a big one, but I have to be very alert for the big meeting in the morning. It’s $ 8 that I didn’t need to spend, but I have $ 75 left in checks and hey, I won’t have an overdraft this month. I might even be able to add an additional $ 50 in savings this month.
10 am-10.20am – Shit. I realized it was my niece’s birthday tomorrow and I had to pack her on Amazon someday because she lives in Alberta and her parents just lost their jobs due to the economic downturn there and I should probably pay for the packaging. If only I had done this a few weeks ago, I could have bought locally, packaged it myself, and not feel bad for giving Jeff Bezos money. But how looking forward to receiving these dispatch notification emails!
12.15 p.m.-12.30 p.m. – To be hungry. Too bad I curled up in my bed instead of making lunch. I can’t really afford it, but I can’t afford not to eat and it’s better for your health and your conscience to support the mom and the shawarma pop and the salad shop than to line your pockets. ‘an evil multinational. Technically, I eat at lunchtime, so it’s like work pays me off, as long as I’m sitting at my desk and seeming to type every now and then. $ 13 less.
5 pm-5:30pm – I walked home instead of taking the bus. $ 3.25 saved. I felt good about myself saving money until I started to think about how I pay a lot more rent so that I could live close to work. I keep wondering if I work to live or live to work and can I get off this treadmill? I am 28 years old. More than 42 years before Freedom 70.
7 pm-7:05 pm – Having a friend’s birthday tonight. Life is too short not to show up in front of your friends, even people whose birthdays fall after the holidays and the crowds will be light because everyone has a dry January. I’m not a flaker like Ashley. I am an adult with a credit card. Actually the first drink is for me.
9:00 p.m. – 9:15 p.m. – The bill comes: 140 $, tip not included. I paid for all these drinks, and did Ashley really need these shots? Dinner was definitely not worth $ 23.99. I will add a little more to pay off my credit card tomorrow; it’ll be OK. Friends are forever.
9:25 p.m. to 9:26 p.m. – I remember my cousin visiting the United States on Thursday, and it’s another dinner.
9:27 p.m. – 11 p.m. – I don’t think about the money. I am only young once.
11 o’clock in the evening – Take an Uber home and still not think about the money.
3 a.m. – Wake up to pee and go back to bed. Not. Thought. On. Money.
3: 02-3: 22 a.m. – Lie down in bed and start counting backwards from the paycheck. Student loans, $ 300; phone bill, $ 90 but probably worse; credit card, uh, let’s go around with $ 600. Let’s just say I have $ 400 until my next check. How can we afford children? Thank goodness I am an unbearable urban millennial but self-aware and without a lot of responsibilities.
4h-4h03 – Briefly think about saving for retirement. Did I miss the RRSP deadline? Is it in April or March? Is a TFSA better? Do I even have extra money? It might be time to renegotiate my mobile plan. Or look for a house, somewhere more affordable. But can I find decent work in a small town?
8h00 – I slept, I don’t have time to prepare lunch, but it’s okay because today is payday.
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