Financial Concierge Blog Article - One-person households
| |

Stats About One-Person Households & A Client Story

In case you missed it...

In 2016, one person households became the most common living arrangement in Canada for the first time, accounting for 28% of all households and representing 4 million Canadians. The number of people living alone, between the ages of 35 and 64, has increased faster than any other age groups. The shift to one person households is in part due to Canadians marrying later in life, divorcing more frequently, and living longer.

A Client Story

Roger re-located after his wife’s death to be closer to his only siblings, a sister and brother (at their insistence). Anticipating support from them, Roger is dismayed to find that his sister lives out of town and works full-time and his brother is retired and winters in Palm Springs. Roger’s wife handled all the family finances and now that she is gone, he is lost. He is adamant about paying his few bills and for incidentals in cash. While the almost daily walk to the bank is good exercise, carrying cash is not a good idea.

Roger’s important personal and financial documents were strewn all throughout his suite and he was paralyzed by indecision when we met him for our initial visit. We got started by getting everything organized into a Family Playbook™. This is of great value to Roger as he now knows where everything is located — and it will be greatly appreciated by his Power of Attorney and Executor down the road.

We automated all bill payments and Roger has agreed to limit the cash in his pocket to $50. We also worked with Roger to develop a monthly budget. He is much more relaxed and appreciates our monthly check-in visits where together we review all of his bills, statements and financial activities for the month.

"I feel so much better and have been able to tell my sister that I can take care of myself now."

Similar Posts