Which Statistic Are You?

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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