Personal Finance in the News – September 2021:
Welcome to Money News – September 2021! This month we look at what the Liberals plan to do for housing affordability now that the election is over. Other topics we’ll cover include climate change and insurance, minimum wage increases across Canada, and the “great resignation”.
Read and Watch: Now that the election is over, many Canadians may be wondering what comes next for home prices. This platform video details what the Liberal Party promised and planned, and these articles by Better Dwelling, HouseHuntVictoria, and BNN-Bloomberg dive into how their housing ideas may actually pan out. Regardless of what the new (old?) Liberal government implements, it’s important to consider what happens when interest rates rise. If you haven’t considered that before, give this CBC article a read.
Read and Watch: Climate change will have many winners and losers. One possible loser is Canada’s property and casualty insurance industry. According to this BNN-Bloomberg article, many insurers are beginning to withdraw property coverage in parts of the country that have been deemed too risky based on climate change projections. In some cases, insurers are leaving regions altogether. This could have significant implications for many Canadians and hit the personal finances of many families hard.
Read: As of October 1, 2021, the minimum wage will increase in four provinces. In Saskatchewan, the wage will jump from $11.45 to $11.81. Meanwhile, in Manitoba, it will climb from $11.90 to $11.95. In Newfoundland it will rise from $12.50 to $12.75, and in Ontario it will go from $14.25 to $14.35. This will have positive and negative impacts – on the individual personal finance level for those affected, but on the macroeconomic level too.
Read and Listen: Have you ever wondered if you should ask your co-workers how much they make? If so, you’re not alone, and this CBC podcast / article may be up your alley. A full transcript of the podcast can be found here.
Read: The labour market is now extremely tight. This is driving wages higher, pushing unemployment lower, and causing some people to resign entirely to seek greener pastures. This article by Inc dives into which industries are likely to be hardest hit by the “great resignation”. This labour market tightness can be a blessing for individual workers, and should generate positive outcomes for the personal finances, lifestyles, and job satisfaction of many people.
Please keep in mind that I am not a financial advisor, and the opinions expressed are my own. My Money Moves does not provide financial advice . It is an informational website that details my own approach to my own money and personal finances. If you need specific financial help or guidance, please do your own research and seek out a professional who can work with you to reach your goals.