Leasing a car was especially frowned upon by the group.“ Sure, you have a nice-looking car, and you replace it every three or four years, but you’ re forever paying for it. My car was paid off ten years ago.”
From another table mate,“ I tell my son and my granddaughter that if something works or still fits, there’ s no need to replace it.” This from a senior wearing old jeans, scuffed boots, and a 2007 sweatshirt.
I asked my group how they had saved for retirement. They cited finding a job with a pension plan, using Registered Retirement Saving Plans, and saving a little from every paycheque. One of the group, Evelyn, spoke about the benefits of patience, avoiding financial fads, and leveraging gains from compound interest.“ My husband and I just love Warren Buffett— his message has been around forever, and it seems to have worked for him.”
Some of Buffett’ s nuggets of wisdom that Evelyn recalled included: don’ t carry a balance on a credit card; always have emergency funds on hand; invest with a multi-decade horizon; use low-cost exchange traded funds( ETFs); and most importantly, invest in yourself first.
From the Younger Generations
To balance the generational perspective, I spoke with some millennials and gen Zs. They all agreed that money is a concern that sometimes overwhelms them, and that financial literacy is very important in today’ s world. Many of them attributed their financial skills and advice to their parents, friends, and online sources. Significantly, over half of these adults recognize the importance of creating and following a budget, like the millennial I mentioned above.
The consensus for this group( born since 1981) was that retirement is a distant smudge on the horizon, but it is something they know they should be saving for. Some gen Zs are still living at home in order to save money for retirement and to eventually have the option to purchase their own home. But, they worry about what rising housing costs and fluctuating mortgage rates will do to their debt levels.
What steps can you take to help deal with challenging debt? Bruce Sellery, CEO of the nonprofit credit counselling agency Credit Canada has these tips:
• Make sure you have, and follow, a monthly budget.
• Cut discretionary spending. Think about needs versus wants.
• Increase your income. Take an extra shift at work. Find a part-time job or some sidehustle.
Budgeting is a key financial tool whether you’ re young or old. The Financial Consumer Agency of Canada, an agency of your government( bit. ly / nvbudgettips), provides budgeting guidance, including a budget planner tool.
It’ s important for all generations to share their experiences and financial strategies with others. As retirees, don’ t be afraid to talk about money matters with younger family members and friends. Share freely with any generation the financial knowledge you have accumulated, and don’ t hesitate to ask questions of those you trust. Generations helping generations should be our goal.
In Ray Hoger’ s first twenty-five years of teaching, he taught business education. He worked to demystify money and encourage and develop financial knowledge in young people. Once a teacher, always a teacher— Ray now continues the undertaking with his peers, always ready to discuss finances with anyone, anywhere, anytime!
Ray reminds us that his writing is meant for information only and to visit a qualified professional for advice.
SUMMER 2025 | 27