While more and more people are choosing the single life to the traditional family structure, many members of this growing segment of society aren’t paying enough attention to their personal finances.
Living life on your own terms has its appeal: The freedom to socialize with others when you choose, travel when you want, being accountable only to yourself. Having control over everything from travel plans to blankets to the remote control. But it also means having to rely on your own resources to build your nest egg or should something go wrong.
In fact, more people live alone now than ever before. In 2006, Statistics Canada reported that no less 27% of households (yes, that’s more than one out of four) were people who lived alone. It is a largely urban phenomenon, with prosperous economies enabling more people to make the choice to go it alone.
Source: Statistics Canada. Family Portrait: Continuity and Change in Canadian Families and Households in 2006. 2006 Census. (Cat. No. 97-553-XWE2006001). Ottawa, 2007.