CEO and Founder of Wealthsimple
“I wish I knew more about behavioural finance. I’m learning lots, but wish it was something I studied in school. The data is really clear that long-term money success comes from disciplined behaviours over many years, not picking stocks or other “magic bullets”. Yet, most people are really bad at practicing those behaviours. I’m learning more about the science behind them to help myself and our clients at Wealthsimple become smarter about money. I think everyone could benefit from learning about behavioural finance.”
President, SunLife Global Investments (Canada) Inc.
“While attending high school in Saskatchewan during the 1980s, I understood the value of money because we did not have any excess. Having said this, I never lacked for anything and my parents gave me the opportunity to pursue a post-secondary education, the first in my family to do so. I think a key difference was that my friends and I held a belief that as long as we graduated with a University degree, we would be successful and be financially secure in adulthood. In contrast, although my daughters have grown up in Toronto, they still understand the value of money, at least I hope so! However, today a University degree is table stakes and they are already planning their post-graduate degree…while they are still in high school! Further, the competition for entrance into a University is far more intense and there is little confidence of financial security after graduating with a University degree. Many of their friends have accepted jobs unrelated to their degrees and are faced with a much higher relative cost of living. In short, although I had much less money than my daughters when I went to high school, they have less confidence in their financial future than I did.”
Chief Marketing Officer and Head of Institutional Business, SunLife Global Investments (Canada) Inc.
“I was really fortunate to have parents who taught my brothers and I the value of a dollar, and those lessons have stayed with me through my life. One lesson that always stuck with me is…never carry a balance on your credit card because if you do — next time you buy something on your card you are adding 18% to the cost of that item! That really hit home for me. Tough to always adhere to, for sure, but I’ve passed that on to my kids when it comes to credit card debt. However my view of borrowing money has certainly changed over the years, as its foundational to buying a house and getting that first mortgage. And I know many women who borrowed money to invest it in their RRSPs, and this has paid off well for them as they are now approaching retirement with a pretty nice nest egg!”