[misher]

Originally Posted by WarrenC12

I don't really understand your point. Are you saying education is overrated?

One can make the argument that "renting" cars and homes is a more financially responsible way to live, but typically ownership of those things is linked to a higher standard of living. Of course there's societal pressure to "keep up with the Jones'" that can drive people into debt.

Student loans is an interesting example though. Just like wages, things have gradually moved out of whack. You used to be able to get through post secondary with reasonable loans, or working summers and living at home, etc. Now you can't. Tuition has skyrocketed.

Why?

As a society we are wealthy. But that wealth is being redirected. Wealth is being consolidated at the top 1%, while it is being extracted out of the rest of us.

Yes it’s the rich people’s fault that I took out that credit card loan to go take a vacation!

According to the report, 67% of Canadians are “stretching themselves too thin on expenses to be able to save,” while 45% are still working on paying back their debt. Then there are 37% of millennials who say that “social pressures” are what’s preventing them from being able to save money. BMO didn’t elaborate on what constitutes social pressures — we imagine it might be things like dining out with friends or social drinking.

https://www.lowestrates.ca/news/quarter-canadians-didnt-save-any-money-2018-bmo-25484