Even though you can never tell the future, forecasting the 2018 personal finance trends is helpful for planning your upcoming goals. By looking at what trends have already begun and different legislations that will come into effect, we think we can make some strong predictions that will help you prepare for a financially successful new year.
Want to know what’s ahead in 2018? Here are some of the trends we expect.
Workplaces will prioritize personal finance
About half of working Canadians — 48 percent — say they live paycheque to paycheque. The links to financial stress and decreased workplace performance and poor health are becoming more prominent. About half of recent survey respondents indicated financial stress causes them to lose focus at work and research shows employees miss on average six days of work annually to deal with their finances. Businesses are beginning to take note with more and more HR professionals pushing to include some type of loan assistance in their hiring packages.
If you’re looking for a new job in 2018, keep your eye out for early adopters of this trend.
Creative solutions to banking needs
Traditional banking doesn’t work for everyone anymore. Here at Cashco, we seriously question if it ever worked. That’s why more and more companies are looking for ways to serve the underbanked. Through various apps and new start up products, people who have been overlooked by banks in the past are now getting their needs met. Cashco is leading the charge in this area with our Real World Banking solutions — accounts with no monthly fees, up to $500 overdraft, and matched savings.
The rise of DIY investment options
Not only are banking options diversifying — but so are investment options. Apps like Acorns and Mylo help you automatically invest your spare change by rounding up on your purchases. For people who don’t have much money to spare but still want to get into the investment game these apps put the power in your hands.
Minimum wage hikes
Both Ontario and Alberta are set to experience significant minimum wage hikes this year, with Alberta increasing its minimum wage to $15 an hour. While the news is heralded as good for minimum wage earners, small business may struggle to retain as many employees, or may have to cut back hours. Some costs are expected to be passed on to the consumer — one particular place it may hit working moms is in the cost of daycare.
Set your goals now
Even though it can be hard to predict the future, some of the growing trends can inform you as you set your financial goals for 2018. Now’s the time to get to work deciding how you’ll react to the changing options and economics and set yourself up for a successful year.
Be sure to be in touch with us if you have any finance or banking questions or needs we can help you with as you strive to achieve your goals in 2018. We’re always excited to help people find options that suit them now and work toward a better future.