The Best Debt Advice, Apps and Technology for BoomersDec 06, 2016
Are you a tech-savvy boomer who could use some modern debt advice? The use of cash for making purchases is becoming scarce in our society, which increases the need to adapt financial planning accordingly. Especially since baby boomers spend an average of $79,668 per year and make up 38 per cent of Canadian households, compared to only 19 per cent of their millennial successors.
Businesses that understand the buying power of boomers, market online and in-store products to this generation specifically. Although boomers tend to be more financially secure compared to their millennial counterparts, they are not immune to the effects of inflation and a record number of boomers are carrying debt. For some, retirement is seen as the time to splurge and enjoy life after a long career of saving and investing in a pension. For many more though, debt can creep up when unexpected life events occur.
Digital pay makes up 68 per cent of purchases in Canada
As cash goes to the wayside and more consumers are favouring digital payment methods, it is important to question purchases to ensure you don’t overspend. Experiencing a disconnect between physical money and digital money is a real phenomenon that can contribute to adding up to 30 per cent more to your spending if you’re not careful. Using technology to your advantage is the key to developing a digital spending plan that doesn’t break the bank.
Studies show that 3.3 million boomers use the internet for banking or downloading coupons already, so financial apps might be an enticing concept for those who may be ready to make the leap from pen and paper to digital budgeting. Here are some of the top-rated financial apps available to Canadians that can help track spending and pay back debt:
Wally is a comprehensive budgeting app that doesn’t share your info with a third party but keeps it easy to access wherever you are. Whether you’re living on a budget or saving for a vacation, Wally can help you plan your financial goals. The app can even read pictures of your receipts and categorize the information.
Mint combines all your bank accounts in one place, including investments, but ensures privacy by encrypting your sensitive info. As the most used financial app in Canada and US, Mint is simple to use with a clean design.
Apple Pay and other digital wallets allow users to add debit and credit cards to a virtual wallet and use contactless pay when purchasing from participating outlets. With this type of payment method, it can be very easy to part with money, so ensure you carefully monitor spending.
BNN Go keeps an eye on your stocks while viewing breaking news and coverage about stocks and investments plus market data from the TSE, Nasdaq and NYSE
Staying financially savvy as you get older
With this increase in technology comes the need for a greater understanding of financial literacy in the digital era. There are classes in Huntsville for boomers and seniors about the ins-and-outs of web-browsing, Photoshop, cloud storage and internet safety. The Financial Consumer Agency of Canada also offers a wealth of resources for Canadians who may have questions about budgeting, saving, cyber safety, or who are in need of debt advice. They offer information about investing, living on a pension, as well as suggest tax breaks and benefits available to you during retirement.
Since Huntsville relies heavily on tourism, boomers may be just as likely as other residents to find themselves without work during the colder months, which can be devastating to families. If you find yourself unable to pay bills or maxing out your credit cards, look for a debt help professional to review your debt options and offer advice. There are credit counselling services in the area that offer budgeting advice. A Licensed Insolvency Trustee can help you to understand all available solutions, as well as assist you in filing a consumer proposal to resolve your debt if it becomes unmanageable. Further, Community Information Muskoka can direct residents in need toward emergency shelter, employment services, and healthy food resources.
Have you used apps or wearables as part of your financial plan? Join the debt conversation by searching the Twitter hashtags #LetsTalkDebt #BDODebtRelief