What went down at TL Insider’s Fireside Chat on building financial resilience for Canadian youth

0
6



What went down at TL Insider’s Fireside Chat on building financial resilience for Canadian youth

On January 25, TL Insider hosted Rajan Bansi, head of RBC InvestEase ®, and Rhiannon Rosalind, CEO of the Economic Club of Canada, for an essential Fireside Chat on building financial resilience for Canadian youth. Moderated by Jason Maghanoy, head of business development at St. Joseph Media, the discussion spanned first jobs, the benefits of having financial role models, and our emotional and social relationships with money. 

Addressing financial illiteracy among Canadian youth was a major discussion point, as Rhiannon and Rajan shared their stories of growing up with compromised ideas of how to manage their finances. This is an ongoing problem among Canadian youth, many of whom enter adulthood feeling confused and intimidated by money management. For Rajan, breaking this cycle starts with “having an open discussion about money” and rejecting the stigma of money talk being taboo. 

Generations of young Canadians today are entering a new economy and a digital marketplace with an emphasis on entrepreneurship. Rhiannon spoke about the problem of younger generations navigating the job market with the same outlook as generations before them. “We don’t need to look for the answers within the same old framework. What was available then is not necessarily available in the same way now. It’s about creating opportunity from an entrepreneurial point of view.” 

Incorporating her core values in decision-making processes played a significant role in Rhiannon’s road to success. She detailed some of the challenges she experienced growing up, as well as some of the choices she made to access greater opportunities in her work and education. “The information [regarding financial literacy] is out there,” says Rhiannon, who went on to share her personal tips for young people who may not know where to start. 

Following the live panel, guests had the opportunity to ask questions during an open Q&A. Here, our experts shared a bit more about how initiatives at the Economic Club of Canada, like the Jr. Economic Club, and programs like RBC InvestEase, are evolving the financial world in ways that prioritize the protection of our future selves.

Open your first RBC InvestEase account and pay no management fee for 1 year*. Offer ends Mar 31, 2021. Click here to sign up!

*Accounts opened from January 1, 2021, to March 31, 2021, using promo code AA821 will not be charged the regular 0.5% management fee by RBC InvestEase for 12 months from the date of account opening. RBC InvestEase will notify clients 60 days in advance of any changes to the fees associated with their account as set out in the investment management agreement. A weighted average management expense ratio between 0.11-0.30% will still apply to the ETFs held in our portfolios. This offer cannot be combined with any other offers.RBC InvestEase Inc. reserves the right to amend or withdraw this offer at any time without notice.

® /™ Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.

RBC InvestEase Inc. provides online discretionary investment management services. Other products and services may be offered by one or more separate corporate entities that are affiliated to RBC InvestEase Inc., including without limitation: Royal Bank of Canada, RBC Direct Investing Inc., RBC Dominion Securities Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company. RBC InvestEase Inc. is a wholly-owned subsidiary of Royal Bank of Canada and uses the business name RBC InvestEase. In addition, the RBC iShares ETFs in which RBC InvestEase Inc. clients invest are managed by BlackRock Asset Management Canada Limited. RBC Global Asset Management Inc. and BlackRock Asset Management Canada Limited have entered into a strategic alliance to bring together their respective ETF products under the RBC iShares ETF brand, and to offer a unified distribution support and service model for RBC iShares ETFs.