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Globe and Mail
3 hours ago
- Globe and Mail
Gen Z is saving for retirement better than millennials
Tani Imasogie didn't grow up hearing about registered retirement savings plans at the dinner table. But that didn't stop her from opening her own account by the time she was 21. With the help of YouTube videos and online articles, she learned about the importance of compound interest and sifted through the jargon of Canada's different registered accounts. Today, she works at a pharmaceutical company in Toronto and contributes 3 per cent of her salary to a defined-contribution pension plan, and, in turn, her employer contributes 7 per cent. She hopes to be able to contribute more as her salary increases. 'I don't want money to control me or make me stressed,' she said, now 28. 'I want to reach financial freedom one day.' Retire Rich: The financial struggles of Gen Z and millennials Ms. Imasogie is one of a growing group of Gen Z Canadians, those born between 1996 and 2012, who are motivated to get a head start on retirement saving. Despite facing one of the toughest job markets in decades and an increasingly unattainable path to homeownership, many are learning from the experiences of older generations using online resources to take their financial futures into their own hands. According to new data from TD Bank, 68 per cent of Gen Zers invest consistently each year, more than any other age group. They're also contributing more to their RRSPs than millennials were at the same age, according to data from Statistics Canada. In 2023, the median RRSP contribution for Canadians under 25 was $1,880, more than 20 per cent more than millennials contributed in 2009, even after adjusting for inflation. 'Gen Zs have grown up in an information-rich environment,' said Pat Giles, TD's vice-president of Saving & Investing Journey, the bank's approach to help Canadians start saving as early as they can. 'They're much more likely to use social media to shape their investing decisions.' Many Gen Z Canadians have taught themselves financial basics, with the help of resources in the form of TikToks, YouTube, Reddit or even AI. A June CFA Institute report found that 79 per cent of young Canadians trust online financial education, more than two-thirds use AI tools like ChatGPT for information and 62 per cent turn to influencers and social media. Ms. Imasogie estimates that a large majority of what she knows about money came from the internet. She then used that knowledge to open her RRSP through Questrade, a do-it-yourself investment platform. Low-cost investment platforms such as Questrade and Wealthsimple let users open and manage registered accounts from their phones, with minimal fees and no in-person meetings. Today, nearly one in five Canadians aged 18 to 40 use Wealthsimple, according to the company. While a tough labour market stalled salary growth for some young workers, the pandemic presented a unique opportunity to them. Many young people moved back into their parents' home, had government benefits rolling in and had no places to spend money, said Matthew Kempton, a portfolio manager at Verecan Capital Management. 'Younger people, especially, gained a lot of interest in investing through that time, as it was something to pass the time,' Mr. Kempton said. Some were able to start investing earlier than they'd planned. In 2019, the median RRSP contribution for Canadians under 25 was $1,430. A year later, it jumped to $1,720. Giancarlo Rosa, 25, was one of them. He opened a TFSA at 18 and an RRSP at 20, but it wasn't until the COVID lockdowns, when his expenses dropped, that his investing habits really took off. 'Time value of money was a huge thing,' said Mr. Rosa, who lives in Richmond Hill, Ont. 'It just made sense to get started early rather than playing catch-up later.' He now saves 25 per cent of his nearly six-figure income and contributes regularly to his RRSP, not just for retirement, but to eventually use the funds under the federal Home Buyers' Plan, which lets first-time home buyers borrow from their RRSP tax-free for a down payment. 'The sole reason for putting it in the RRSP is not for retirement, as dumb as I sound,' he said. 'It's to take advantage of the Home Buyers' Plan.' Airlines are using AI to set ticket prices. Here's how you can avoid price manipulation when booking flights That kind of strategy is becoming more common, financial experts say. New policies have made registered accounts more flexible, and appealing, for young people. The FHSA, introduced in 2023, allows Canadians to save up to $40,000 tax-free toward a home. In April, 2024, the Home Buyers' Plan withdrawal limit rose to $60,000 from $35,000. Still, some Gen Zers are able to save simply because they're not buying homes. For many, the decision to hold off on homeownership isn't a rejection of the dream, but a lesson learned, said Hans Friedrich, an adviser at Sun Life and managing partner at Evolv Financial. After watching older millennials stretch their budgets thin to buy property, many Gen Zers are choosing to invest their savings instead. 'A lot of people on the millennial side tried to push through that and were like, 'We're going to get this done no matter what,'' Mr. Friedrich said. 'Gen Z is the first generation to actually learn from what the millennials did.'
CBC
3 hours ago
- CBC
Stony Plain Road construction straining business, shop owners says
Construction along Stony Plain Road for the Valley Line West LRT is causing major challenges for shops in west Edmonton, business owners say. Many shop owners say the years-long project has led to a significant drop in foot traffic, leaving them struggling to stay open. Marigold Infrastructure Partners initiated several closures in the area, including some the area around Stony Plain Road and 156 Street, as part of the accelerated roadwork for Valley Line West Petra Sekhon owns Vacuum Central, which has been on Stony Plain Road for 36 years. She said her business has lost a third of its revenue this month alone. "We've been told it's going to be another three years," said Sekhon. "Ninety-nine per cent of the customers when they come in say it's hard to get in … they're telling us that we should move." She said decisions are also being made without input from business owners. "They're going to put one tree right in front of my door, which I did not ask for. But I was not given the opportunity to have any kind of input," said Sekhon. "The plan was in place and they weren't making any changes, even though we've asked." Bijoy Sasmel, owner of Spirit of India Express, took over his restaurant in January. He said construction around 156th Street has made it almost impossible for customers to reach him. "I've had a very bad experience here," said Sasmel. Sasmel said he hasn't taken a salary in six months, as even delivery drivers cancel orders because they can't find the entrance to the plaza where his restaurant is located. "Some days my sale is not even $100," he said. "If I don't move from here, maybe I'll be bankrupt. I have to feed my family, I have to feed my kids." Despite asking for support from the city and Marigold Infrastructure, Sasmel said he got no positive response. Construction for the Edmonton Valley Line West LRT has been going on for 50 months and is anticipated to be complete in 2028. Justin Keats from the Stony Plain Road Business Association said businesses are losing 50 per cent or more of their traffic. "There are no programs that are compensating or trying to rectify the unequal playing field these businesses have been placed in," said the association's members' relations and communications coordinator. Keats said there was some talk about financial support with city council that has gone through several times, led by Ward Nakota Isga Cioun. Andrew Knack, but council was unable to reach a decision. The association hopes that with Edmonton's municipal election coming up in October, they might be able to start the conversation anew. "Businesses need some form of compensation that addresses them individually as the business owner versus having those funds go directly to the property owner," said Keats. "The area in itself would also need some significant reinvestment, whether that's in marketing or additional placemaking initiatives to make this place more viable and lively." In a statement to CBC News, Po Sun, general supervisor for the Valley Line West, said the city is aware of the challenges and is grateful for the continued patience of residents, commuters and businesses. "The city doesn't offer financial compensation to businesses due to construction," the statement said, but added that the city is offering "business outreach, signage, and stakeholder support." Construction at the 156th Street intersection reopened on July 10, but work will continue throughout the area until the LRT is finished, said the city. "The plan will reduce the overall duration of traffic restrictions by more than half, and take many of the roads along the Valley Line West alignment to their final configuration by the end of 2025." "If I ran my business the way they run this construction project, I would've been bankrupt years ago," said Sekhon of Vacuum Central.
CTV News
3 hours ago
- CTV News
‘Lasting impact': Remembering the former Paddlewheel captain
Passengers boarding the Paddlewheel Queen, with Col. Sanders enjoying the view from B deck. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) A captain who operated vessels on Winnipeg's waters for decades is being remembered for his impact on the lives of millions and his contribution to the province's maritime heritage. Captain Steve Hawchuk, owner of Paddlewheel Riverboats, passed away earlier this month at the age of 87 after a 44-year career operating the Paddlewheel Queen and the Paddlewheel Princess. From carrying celebrities such as former prime minister Pierre Trudeau, Col. Sanders and Burton Cummings, Hawchuk carried approximately 2.7 million passengers over 10,475 cruises, according to his wife, Esther Nagtegaal-Hawchuk. Captain Steve Hawchuk steering the Paddlewheel Queen. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) Captain Steve Hawchuk steering the Paddlewheel Queen. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) 'Graduations, weddings to corporate functions … and then we had royalty, special bookings and we even had all-star wrestling on the top deck,' said Nagtegaal-Hawchuk. 'Total leap of faith' Hawchuk's first experience with the riverboat business began in 1969, when he and his half-brother Joe Slogan—a dentist and former MP for the now abolished riding of Springfield—partnered up and purchased the Paddlewheel Queen and the Paddlewheel Princess. Both knew nothing about the boating or restaurant business, according to Nagtegaal-Hawchuk, adding that 'they just loved the boats' and were raised in the Interlake region. 'Total leap of faith,' said Nagtegaal-Hawchuk. 'And the rest, as they say, is history.' Hawchuk told CTV News in 2022 that he 'was tired of being a bookkeeper' and began boating operations on July 26, 1969. Commissioned by businessman Ray Senft, the Paddlewheel Queen and the Paddlewheel Princess were imitation sternwheelers equipped with a rear paddlewheel, with room for up to 400 and 200 passengers, respectively. The Paddlewheel Queen going through the Bergen Cut-Off Bridge in Winnipeg. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) The Paddlewheel Queen going through the Bergen Cut-Off Bridge in Winnipeg. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) Hawchuk ran Paddlewheel Riverboats seven days a week, with cruises on the Red River and Assiniboine River from about May to October, according to Nagtegaal-Hawchuk. 'In the beginning, Steve would work like 18 hours a day. That was the norm for six months.' Nagtegaal-Hawchuk, who was originally a captain for Paddlewheel Riverboats' competition, said the vessels offered dinner cruises, sightseeing, live music and dancing. 'He would hire at least 60 [staff members], at least every season,' she said. 'And he always used to joke he must have put, I don't know how many people through university.' Passengers aboard the Paddlewheel Princess. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) Passengers aboard the Paddlewheel Princess. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) Throughout the decades, the riverboats would take various routes and operate from several docks, including the Redwood Dock, the Kildonan Park Dock and the Forks and Alexander Dock. A stop at the Lower Fort Garry National Historic Site also allowed passengers to tour the former fur trade post. Read more: Former Paddlewheel captain pens book commemorating 44 years on the Red River 'He would bring in captains from the East Coast, West Coast, and then of course, the homegrown captains were the best, and most of them all came from Lake Winnipeg,' said Nagtegaal-Hawchuk. By 1989, the third deck of the Paddlewheel Queen was removed to fit under more bridges in the city. Passengers boarding the Paddlewheel Queen. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) Passengers walking up to the third deck on the Paddlewheel Queen. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) A joint operation with River Rouge Tours—once the competition—also saw Paddlewheel Riverboats operate the River Rouge ship during the 1990s and early 2000s. During the winter months, the vessels were brought to rest in the Selkirk Slough—a protected inlet off the Red River—though Nagtegaal-Hawchuk said there were still full-time staff during the winter to assist with bookings. By 2013, Hawchuk officially retired, having carried just over 7,000 passengers that season—down from the peak of around 80,000 passengers a year during the 1970s. Col. Sanders (left) and Captain Steve Hawchuk Col. Sanders (left) and Captain Steve Hawchuk aboard the Paddlewheel Queen. Col. Sanders was in Winnipeg then to celebrate the 20th anniversary of the first KFC restaurant in the city. Uploaded July 25, 2025. (Esther Nagtegaal-Hawchuk) In 2017, the Paddlewheel Princess was damaged beyond repair after vandals set the vessel on fire. Two years later, the Paddlewheel Queen was cut up for scrap metal after a plan to convert it into a barge fell through. 'Captain Hawchuk made a lasting impact on Manitoba's maritime heritage through his years operating the Paddlewheel Queen and Paddlewheel Princess,' reads a statement from the Marine Museum of Manitoba made to Facebook earlier this month. 'His commitment to river navigation and tourism helped keep the legacy of Manitoba's inland waterways alive for future generations.' Nagtegaal-Hawchuk said after hanging up his captain's hat, he retired to their West St. Paul home, which backs right onto the Red River. 'As long as the Red River flows into Lake Winnipeg, I hope he's remembered.'
