CERTIFIED FINANCIAL PLANNER® professionals around the world may face different challenges depending on where they are. In this article, draw together insights and views from global CFP® professionals.
Shannon Lee Simmons CFP® is a Canadian chartered investment manager, life coach, speaker and author who won the Wealth Professional Award for Innovation in 2018, awarded by online publication Wealth Professional Canada. She focuses on attracting millennials to her business by building her personal brand through popular finance shows, writing a personal finance column, and being active on social media and on her own YouTube channel.
Shannon continues: “The main pain points I see with Canadian millennials is housing affordability. In major urban centres, housing prices and rent have skyrocketed in the past five years. Many people are spending over 45% of take-home pay on housing. It makes other things like day care, savings and emergency savings difficult when so much money is going into bills each month.” Shannon helps her millennial clients address this by publishing freely available educational material on her YouTube channel, including a four-part series titled Can you afford to buy a house?
The real estate search site Zoocasa compiles an annual Housing trends report that, in 2018, shows that home ownership remains a coveted goal for many Canadians. However, achieving this is a challenge. Based on the average Canadian home price of CAN$491,065, even a minimum 5% deposit is CAN$24,553 – but 38% of renters only have CAN$4,999 or less saved.
Thiago Sampaio CFP® lives and works in Salvador, Bahia – the fourth largest city in Brazil and still largely uncharted territory for the financial planning profession. His business caters predominantly to the medical profession because, despite the high salaries earned in the private care sector, these professionals complain of lack of time and knowledge to manage their own finances. Brazilians generally aren’t comfortable talking about finances, investments and insurance, Thiago says – a sentiment confirmed in a recent study by the Brazilian Financial and Capital Markets Association on the relationship of Brazilians with money: Debate a relação do brasileiro com dinheiro.
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