I've been covering the personal finance challenges of millennials ever since writing this column five years ago. Some of the issues young adults face are obvious – tuition fees are rising well ahead of inflation, more of them are living with parents after graduation than in previous generations, and both rents and house prices have soared in some cities.
But there's also a sense that millennials are feeling frustrated about their employment situation. We know that lower quality jobs have become more prevalent in the workforce – this means low wages and temporary or contract work instead of full-time employment. But it's unclear from the data we've seen is whether this is an issue for millennials in particular. To find out, we've created an online employment survey for young adults. Fill out our survey here.
We want to know about their experience in the job market – successes and setbacks. We'll use the data from our survey to draw some conclusions and then write about them. If you know a millennial – someone born in the early 1980s through mid-90s – then please forward them this edition of the newsletter to they can fill out the survey.
Subscribe to Carrick on Money
Click here to have my newsletter e-mailed to you twice weekly.
Migration of the millionaires
High-net-worth people are on the move – 82,000 of them left their home countries last year. Click here to find the country that attracted the biggest cohort from this group and the country that saw the most wealthy people leave.
"Rich Dad" author worried about stocks
Robert Kiyosaki, who wrote the hugely popular Rich Dad, Poor Dad personal finance book, fears a big stock market crash caused by retiring baby boomers selling stocks. I wonder if boomers will hang onto their stocks for the most part to help keep their retirement funds growing through a retirement that could last 25 to 30 years.
Young kids eating obscenely priced food
A top New York chef makes a seven-course meal for kids, including a peanut butter and jam sandwich with foie gras. Free for kids, $215 (U.S.) for parents. There – I just solved the problem of where to hold your kid's next birthday party.
These are the best vegetables to buy frozen
Frozen vegetables are a good value because they're picked at peak ripeness and thus at their most nutritional. Also, they don't turn to slime in your fridge.
Have you ever considered Fredericton?
A look what the average $1,800 rent in Toronto for a one-bedroom apartment gets you across the country. In Fredericton, that much puts you in a two-bedroom townhouse.
Some number-crunching here on how far your money goes in Toronto. Not a crisis, but tight for many. Also, the rent estimates seem on the light side if you're considering condo rentals.
Now take a look at what's happening in the San Francisco area, where wealth from the tech industry has pushed up housing prices to a point where a software engineer making $160,000 (U.S.) is financially stressed.
Garth Turner, the longtime real estate bear, writes about how buyers are victimized by the market frenzy in Toronto.
Today's featured financial tool
Investment firms have been required by regulators to add new disclosure to client statements about fees paid for advice and services, and about returns. Here's some guidance on how to interpret this new information from the Ontario Securities Commission's GetSmarterAboutMoney.ca website.
The question: "In January 2016, you wrote a column on U.S.-dollar bank accounts and the fact that currency gains and losses were taxable. Can you tell me where these gains and losses should be claimed on one's tax return? I presume it should be on Schedule 3, but I cannot find where exactly the information should be entered."
My reply: I asked Adam Morke, an accountant at Stern Cohen, for help on this and here's his reply: "I would report foreign exchange on withdrawals from a U.S.-dollar bank account in section 4 (real estate, depreciable property, and other properties) of Schedule 3 on the basis it falls under "other properties." I typically enter the description as "FX on USD Withdrawals" (or other currency as applicable). Please note the $200 exemption is not automatically deducted and will need to be manually entered by the individual."
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length.
What I've been writing about lately
-Investment advisers want your help in fending off regulators
-Soaring rents still cheaper than owning a house
-Good news for people working about their finances heading into retirement (for Globe Unlimited subscribers)
More Carrick and money coverage
For more money stories, follow me on Twitter and join the discussion on my Facebook page. Millennial readers, join our Gen Y Money Facebook group.
Send us an e-mail to let us know what you think of my newsletter.