Smart Advice Growing Wealth

Here are some tips to help you manage your finances through these transformative years.
CIBC Feb. 02, 2021 12-minute read

Tips on budgeting and planning

CIBC: How critical is it for someone in their 20s to take their finances seriously? How much of an impact do you think this can have on their future?

CIBC: By the time most people have reached their 30s, they've often taken on serious financial commitments, including childcare and mortgage payments. Why is it important to still save while juggling expenses, and what are some strategies to do so?

Tips on saving for goals

CIBC: For people in their 20s and 30s with the goal of buying a home one day, how much should someone generally save for a down payment?

CIBC: Is there a recommended amount of savings someone in their 30s should set aside for emergencies?

CIBC: How much should someone hope to have saved for retirement, especially as people are living longer?

Tips on savings vehicles and investments

CIBC: How can a registered retirement savings plan (RRSP) help a person in their 20s or 30s achieve their financial goals? How about a tax-free savings account (TFSA)?

CIBC: What might a healthy investment portfolio look like for someone in their 30s?

Tips on estate planning

CIBC: Are your 30s too early to begin estate planning? Why or why not?

Tips on dealing with financial stress

CIBC: What advice do you have for dealing with financial stress?

CIBC: What advice do you have for people who may find themselves wondering whether they've done well enough financially?

1 Source: CIBC Financial Confidence and Priorities Poll. From November 26 to November 29, 2020, an online survey was done of 3,028 randomly selected Canadian adults who are panelists of Maru Voice Canada Opens in a new window.. This survey was executed by Maru/Blue Opens in a new window.. For comparison purposes, a probability sample of this size has an estimated margin of error, which measures sampling variability, of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region, and, in Quebec, language to match the population, according to census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

Source: Buying a home, Financial Consumer Agency of Canada Opens in a new window..

3 Source: Brinson, Singer, Beebower Study, Financial Analysts JournalFeb. 28. 1991.

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