Growing Pains: Cash & Gen Y in the GTA
CASE STUDIES
We profiled 10 individuals between the ages of 20 to 85 and compared their financial situations as well as their personal and professional expectations with their reality.
TAREK, 24
Teacher,
Mississauga ON
Tarek is a teacher who graduated in 2011 from York University with a degree in English Literature and Education. Since graduating, his goal has been to enter the public school system, but that hasn’t happened yet. “I would like to establish myself in the GTA but the opportunities for new educators are few and far between,” says Tarek. In the meantime, he works at a private school and is gaining teaching experience wherever he can.
Outside of the classroom, Tarek wants to publish written work and start an online forum for writers and artists to share their work. “I am giving myself two years to find a publicly-funded teaching job,” he says. “The other goals have no real timeline. If they come to fruition, I will be happy. If they don’t, I will be content with working with the small group of writers and artists with whom I currently work.”
Tarek has realized his expectations may not have been realistic since his professional goals have not yet been achieved. “Coming out of school, I had the idea that I could walk out of my degree and into a job. After getting over that delusion, I realized that it would take time to get to where I want to be,” he says. “I could be happier, but I understand that my professional goals take time to work through and make a reality. I am content with where I am professionally at the moment.”
NICOLE, 25
Service Consultant,
Guelph ON
Nicole works at a pool company and is fairly satisfied with her job. “[I am] satisfied [with my job] because we work on a lot of cool and innovative projects, but it is definitely not the field I imagined myself in” she says. Nicole graduated from Wilfred Laurier University with a bachelor’s in psychology and sociology and her interest childhood development prompted her to attend York University were she graduated from teacher’s college. “I would like to be in a field more related to psychology and education where helping and making a difference matters.”
Despite not working in the field she envisions herself in, Nicole feels financially stable and has moved from Mississauga to Guelph where she has purchased a home with her fiancée. With an upcoming wedding and goals to travel, start a family and potentially continue her education, Nicole realizes she is facing an expensive time in her life. “All of these items cost money,” she says. “Plus, one would need to be in a position to take off time from work to travel or go back to school, ultimately decreasing income.”
Nicole understands that all her goals can’t be achieved immediately. “Not all at once,” she insists. “But all in time.”
TAMEEM, 27
Service Associate,
Toronto ON
AMIR, 34
Financial Analyst,
Markham ON
Tameem is a single woman working in a boutique-consulting firm. She studied at the University of Toronto where she attained her degree in civil engineering and again for her MBA at the Rotman School of Business. “From a career perspective… I am where I want to be with my salary, but not where I want to be with my role,” Tameem says. “I would have hoped to be in a higher position than what I am now.” However the work is engaging, she is in her desired field and she enjoys what she does for a living.
In her personal life, Tameem’s focus is moving out of her parents’ house. “I need some independence and privacy, however, it is difficult to leave that house as I have an ailing grandmother,” she says. Besides fulfilling her familial duties, Tameem plans to own a home within the next six months. Additionally, to fulfill her goal of travelling will require even more financial care. “Travelling will require me to pay off my MBA student debt and save enough to travel, which is highly dependent on how much I earn” she explains. With the right budgeting, Tameem feels she will definitely be able to find a home and take a year off to travel before she turns thirty.
Amir moved to Canada three years ago and only just got a job. He makes just over $30,000 per year. He studied Strategy Management at Centennial College and is currently pursuing the final level of Certified General Accountant. He plans to become a Certified General Accountant and hopes to establish his own business within five years after graduating in 2014.
Amir’s dreams of purchasing a home in Canada no longer seem to be a reasonable goal to reach. "Time and financial situation is not suitable for home ownership," he says. "It’s better that I work and get a home where the taxes are low, like the Middle East."
Upon landing in Canada, he found that it was not nearly as lucrative as he had hoped it would be. "I wanted to come to Canada in 2000, but could only make it here in 2010. Similarly, I wanted to become a Certified Accountant in 1998, but I will achieve this goal in 2014."
For Amir, accomplishing his goals all depends on the right time, the right opportunities, and right guidance.
KAREN, 41
Office Manager Midwives,
Peel/Halton Hills ON
NAVIA, 38
Marketing Executive,
Toronto ON
Navia is a mother of two and works as a Director of Marketing at a North American construction materials company. She graduated from the University of Toronto with a business degree. In her twenties and thirties, Navia’s goals were to build a home and family all while climbing up management levels at work. She admits finances were closely tied to achieving both her personal and professional goals. “I grew up in a family that struggled financially,” says Navia. “Once I was in a position to fund myself, I strived to build a foundation versus seeking fun.”
Right now, both Navia and her husband are working and she feels comfortable in her financial position despite their expenses as parents and homeowners. However, at some points her finances do inhibit her personal goals. “We have made long term investments that tie us financially”, Navia says. “[I feel financially stable] but I am still cautious of how we spend.”
Now in her late thirties, Navia has achieved her goals. She is married, owns a home, has a strong career and has two children. In spite of this, Navia still thinks she would have done some things differently. “I now wish that I had tried to have more fun along the way”, she says. “I am very driven, and have spent too much time chasing success. I wish I had travelled more for leisure and less for work.”
Karen is a married mother of three. Karen has a BA in Sociology from York University. When Karen had children it changed her professional goals. “Once I had kids, I opened my own business and became self-employed so that I could stay home with them as much as possible,” she says. “There wasn’t really a plan to it. It might have been more successful if I had planned for it”.
Owning and home and having children was a logical step for Karen and her husband but it was not always easy financially, “I was pregnant with our oldest by the time we had been married for 7 months,” Karen says. “And we had 3 kids in 4 years and were on autopilot for a long time just trying to get by. We couldn’t afford to do very much”.After living pay cheque to pay cheque, Karen and her husband feel their lifestyle and priorities have changed due to their financial stability.
Karen does not regret the decisions she has made or where it has led her. The lifestyle they want to give their children was a conscious decision for her and her husband. “I acknowledge that I could have achieved more in my career, possibly been in a higher income bracket if I had not taken a step back and worked for myself and taken the time that I had with my children” Karen says. “I see a correlation between the choices I’ve made and where that put me”.
STEVE, 57
ALLISON, 54
Allison is a single mother of three. She worked at a Toronto airport as a customer service manager from her early twenties to her early forties. Allison was happy with her professional and personal life during this time. “In my twenties and thirties, I was extremely satisfied with my life”, Allison says. “I had met most of my goals and dreams such as having a family, owning a home and becoming management at work.” Allison was married at 21 and started having children at 32.“My expectations became my realities in my early thirties. Exactly as we had planned it”.
After having her third child at 41, Allison quit her career to become a stay at home mom. Allison found finding a job to be challenging when she re-entered the work force after she went through a divorce. After a period of intermittent employment, Allison found her current position through a contact. Despite having 20-plus years in the travel industry and a diploma in travel and tourism from Humber College, she is still unable to get a job there today. “I think its ageism, or my time away from the industry,” Alison says. “I know I would be able to do the job, but no one will give me an interview based off my resume.”
Allison feel financially unstable with her current career situation. “Finances have stopped me from experiencing things in life that I would like to do like travelling, enjoying outings with my children, doing things on my bucket list and preparing for retirement” she says. “All I can do is keep looking for opportunities, keep handing out my resume and hope someone will give me a chance.”
Group Leader Toyota,
Paris ON
Recruiter for Brampton Recruiting Agency,
Mississauga ON
Steve is three years away from a planned retirement. “I started at the bottom and am now a Group Leader which gives me lots of freedom as I am a priest as well in the New Apostolic Church”, says Steve. “I’ve worked at Toyota for 25 years… working 25 years at the same job will give you a steady pay cheque.”
Steve was able to get a promotion at the age of 55. “It was later than expected by five years… it took six tries to get it but I did not give up”, he says. Despite waiting for his promotion, Steve never felt there was a gap between what he wanted to achieve financially and what he was able to achieve financially. “No I don’t feel there was any gap,” says Steve. “Finances are only a problem if you always want something you do not need.”
Steve is financially stable and close to retirement. He will be able to enjoy watching his children grow up and work at his church.
VIOLA, 84
KEITH, 66
Retired Political Analyst,
Toronto ON
Retired,
Morrisburg ON
Keith studied psychology at the University of Toronto and spent most of his life dedicated to his career. Keith’s professional career took some time to start up because of the nature of the industry. “I got my first really decent job where I made decent money and worked reasonable hours in 1983, so I was 36. That was later than I expected,” he says. “I chose to do work that was socially important, but poorly paid. It took me a while to move into a better paying area.”
Keith reached the professional stage of his career later in life when he attained his goal of becoming a political staff member. This would mean that Keith would have an influence on government policy. Despite having to wait longer than anticipated for his ideal job, Keith was still able to marry and have kids before forty. Keith and his wife waited until they were financially ready to have children, having their first child when Keith was forty-eight.
Keith achieved his goal of retiring at the age of sixty-five. He was financially prepared to retire and his long career as a political analyst gave him and his family financial stability.
Viola lived through the Great Depression, WWII, the Cold War and several recessions. She married at 18 and became a mom to 5 children by the age of 35.
As a young mom Viola took up teaching and worked briefly as an office clerk for North American Life. Although she liked working in an office, her dream career was nursing.
Going to university was never an option since education was expensive. But it was when Viola was 40 years old that the Cornwall General Hospital offered a 9-month RNA course for $9 plus the cost of one textbook. Viola took up the opportunity.
Viola retired at the age of 65 as a nurse. She reflects on her life and notices a big difference between how her generation approached life and how the current one reacts to challenges. “We were more carefree than the young people today – they think they need a big house and have to keep up with the Jones’s,” she says. “If money was tight, we just cut back.”
She laughs at the thought of family planning since in her time, it was never an option due to lack of dependable birth control.
“Young peoples’ expectations are far too high,” she says. “They think they need to start out with what we have worked 50 years for. You can’t start at the top - If you start at the bottom, you can always go up.”
