Stress Test
75 episodes - English - Latest episode: 4 months ago -You had your best-laid plans and then COVID-19 came along and hammered the entire economy. But you’ve got this – if you have the right information. Join The Globe and Mail’s personal finance team, columnist Rob Carrick and editor Roma Luciw, as they guide you through one of the biggest stress tests your finances will ever face. If you’re between 20 and 40, this financial advice is for you.
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Episodes
5 personal finance resolutions for 2024 (that you can actually keep)
December 13, 2023 11:00 - 19 minutes - 18.2 MBIf your usual resolutions are “go to the gym” or “eat healthy,” don’t forget that a mindful approach to money is also a ticket to improved wellness. We asked listeners in their 20s and 30s some basic personal finance “hygiene” questions when it comes to credit scores, tracking expenses, writing wills, spending on food and first home savings accounts.
Salaries, mortgages and EVs: The top personal finance stories of 2023
December 06, 2023 11:00 - 27 minutes - 25.1 MBIs a $100,000 salary enough for a comfortable life any more? Where are mortgages headed next? Are you electric car curious? Rob and Roma chat with the reporters who wrote some of the best-read personal finance stories from The Globe and Mail this year.
Can you really afford a dog?
November 29, 2023 11:00 - 30 minutes - 28.2 MBMany Canadians have become first-time pet owners since the pandemic. But with the price of pet food and vet costs soaring, owners are struggling to afford their COVID companions. In this episode, Roma speaks to Shawn Morey, the executive director of the Peterborough Humane Society. We’re also joined by two people that became first-time pet owners in their 20s.
What the tightening job market means for you
November 22, 2023 11:00 - 28 minutes - 25.7 MBDuring the pandemic, employees had the upper hand in the job market. But the balance of power has shifted back to employers. They’re more hesitant to hire, less willing to offer remote work and less generous with what they are offering. We hear from a recent grad who applied for more than 100 jobs before landing a role, and a recently laid off tech worker with over a decade of experience. And Rob talks to Jermaine L. Murray, a Toronto-based tech recruiter and career coach.
So, you splurged. Now what?
November 15, 2023 11:00 - 30 minutes - 28.2 MBThe urge to splurge is universal. After the bleakness of the pandemic, people are spending more on the big and little things that bring them joy. But there are healthy ways to manage splurge-spending that don't leave you buried in debt. In this episode, we hear from a Swiftie with a “Taylor Swift" concert obsession. And Roma speaks with Shannon Lee Simmons, a certified financial planner and founder of the New School of Finance.
The struggle is real: how homeowners are coping with soaring mortgage rates
November 08, 2023 11:00 - 32 minutes - 30.1 MBFirst, home owners with variable rate mortgages felt the pain of soaring interest rates. Then, people with fixed rate mortgages began to renew at sharply higher rates. In this episode, we hear from first-time homebuyers in Vancouver and Kingston who are now spending more than half their income on housing. And Rob talks to Victor Tran, an Ontario-based mortgage broker.
Dual income, no kids: How much more fun are they having?
November 01, 2023 10:00 - 28 minutes - 26.4 MBThe appeal of the DINK lifestyle – that’s double income, no kids – might seem obvious. But having more control over your life and finances comes with questions about your social safety net in retirement. We spoke to two women who are embracing the DINK life, along with Jay Zigmont, the founder of Childfree Wealth, a financial planning firm that serves people who don’t have kids.
Adulting with roommates: solo living is a luxury in today’s rental market
October 25, 2023 06:00 - 23 minutes - 21.2 MBA growing number of Canadians are living with roommates longer than they ever expected. What once was seen as a short chapter in life is turning into a long-term way to find affordable housing. Soaring house costs has people searching for roommates well into their 30s and beyond. We spoke to three women in Vancouver, Toronto and Halifax about how living with roommates is helping them make ends meet.
Coming soon: Season eight of Stress Test
October 11, 2023 06:00 - 1 minute - 1.09 MBWhat does the “new normal” look like these days? In a period of soaring costs and rampant uncertainty, it means spending a larger chunk of your income on housing—whether that’s high rent or supercharged mortgage payments. Here to help you make sense of it all, join hosts Rob Carrick and Roma Luciw for another season of Stress Test, The Globe’s personal finance podcast for Gen Z and millennials. Also coming up this season: how to talk to your family about inheritance, the economics of child-f...
Why more Canadians are giving up on home ownership
May 10, 2023 07:00 - 27 minutes - 25.4 MBAfter years of soaring home prices, there was hope that rising interest rates would lead to lower prices in 2023 and give young Canadians an entry point into the market . And while they did go down, higher mortgage rates have left housing as unaffordable as ever. For those without family help or oversized paycheques, buying a home is just not financially realistic. We’re dedicating the last episode of this season of Stress Test to exploring why people are giving up on homeownership and how t...
How soaring rents are transforming student life
May 03, 2023 06:00 - 29 minutes - 26.6 MBStudent debt is a growing problem in Canada - one that’s set to get worse in the coming years. And although tuition has crept higher, it’s the soaring cost of rent and everyday living that's causing the trouble. So what should students consider before making decisions for their post-secondary lives? Paul Kershaw, founder of Generation Squeeze and a professor at the University of British Columbia, describes how expensive student life has become - and how students are coping. We also hear from...
'Punched in the face by my investments’: How to endure stock market swings
April 26, 2023 06:00 - 28 minutes - 26.3 MBIt’s tough to save money to invest in the first place, so it stings to watch your investments drop. If you’ve started in the last few years, you’ve just seen your first large ups and downs in the stock market. So how do you know if you’re on the right track? And how do you keep emotions in check? A 38-year-old from Mississauga who started investing during the pandemic shares how he handled the rollercoaster ride and what he’s learned. And Rob speaks to Darryl Brown, an independent investment...
How climate anxiety is shaping small and large financial decisions
April 19, 2023 06:00 - 26 minutes - 24.5 MBClimate change is a growing concern for many young Canadians, with some questioning where they should live, what they should be saving for and how they should invest. Others wonder whether they should bother planning for a future at all. But is there a smart way to weave our climate concerns into our personal finance decisions? Certified financial planner Shannon Lee Simmons, who says this issue comes up all the time among her clients, shares her thoughts on how to arrange your finances ami...
Save money and the planet: How thrifting can help combat inflation
April 12, 2023 07:00 - 19 minutes - 18.1 MBA $5,700 wedding dress for $64. Expensive baby items for a fraction of the price. Construction materials to renovate a home. When you need something, buying used is a great way to save a pile of cash and keep perfectly good items out of landfills. It isn’t a new phenomenon, but it’s gaining more popularity as living expenses soar. In this episode, three guests share their experiences thrifting and their advice for others to get a good deal.
Fertility treatments can be a massive, unexpected cost for Canadians. Here’s what you should know
April 05, 2023 06:00 - 28 minutes - 26.1 MBFor the one in six Canadian couples who experience infertility, the path to having a baby can be difficult emotionally, physically and financially. Same sex couples and people trying to get pregnant without a partner are on the same road. And for all these aspiring parents, fertility treatments aren’t cheap. In this episode, Roma speaks to Dr. Tamara Abraham, a reproductive endocrinologist and infertility specialist, about the IVF process. Plus, several Canadians who are undergoing fertility...
Taxes 101: Tips to make the most of your return this season
March 29, 2023 06:00 - 21 minutes - 20.1 MBTax season can be, well, taxing. Whether you’re a gig worker trying to keep track of receipts or a remote employee struggling to figure out how much home office space to claim, filing a return can be daunting. We know most of you don’t have an accountant on your favourite contacts list, so we’re dedicating this episode to all things taxes. Rob speaks to expert Jamie Golombek to demystify some tax basics and offer tips to get you through this tax season.
Why millennials and Gen Z are Alberta-bound for a more affordable life
March 22, 2023 11:00 - 26 minutes - 23.9 MBIn 2022, the number of people moving to Alberta hit its highest level in almost a decade. At the same time, a record number of people left Toronto for other provinces. And it all comes down to affordability. In this episode, we’ll delve into the factors contributing to the rise in interprovincial migration and hear from Canadians who made the move - and how it’s worked out for them.
Coming soon: Season seven of Stress Test
March 08, 2023 19:29 - 1 minute - 1.05 MBThe economy is looking shaky and everyone’s trying to save money, whether it's on rent, groceries or just living life. The good news? The Globe’s personal finance podcast for Gen Z and millennials is back for another season. Join hosts Rob Carrick and Roma Luciw as they make sense of a changing financial reality - and help you achieve your goals. Up this season: how thousands of Canadians are leaving Toronto and Vancouver for cheaper living in Alberta, why you should care more about tax seaso...
Rising interest rates brought pain for new homeowners - and opportunity for house hunters
December 07, 2022 07:00 - 26 minutes - 24.5 MBWhen we first launched Stress Test, the homeownership story was one of low interest rates, climbing prices and bidding wars. But the real estate market has changed drastically this year - now it’s a story of rising interest rates, falling prices and fewer listings. So what does it mean for new and potential homeowners? In the last episode of the season, we’re checking in with recent buyers to see how they’re feeling in this changing market - and whether recent changes have helped them or hin...
Why more Canadians are choosing to be childfree or delay parenthood
November 30, 2022 07:00 - 30 minutes - 27.8 MBCanadians are waiting longer to have kids. If they do, they’re having fewer. And people say money is one of the big reasons why they’re going childfree. In this episode, we’re looking at the most personal of personal finance topics: the cost of deciding whether to have children, when and how many. We hear from a 27-year-old woman from Mississauga, Ont., who is pushing back plans to have kids until she can afford a home. We also hear from a 28-year-old from Vancouver who has decided not to ha...
Is it still a good time to ask for a raise, with a recession looming?
November 23, 2022 07:00 - 22 minutes - 20.9 MBChances are your salary isn’t rising as fast as inflation. But before you march into your boss’s office to demand a raise, remember there’s a recession looming. That doesn’t mean you shouldn’t ask - but your pitch needs to be researched and realistic. In this episode, Rob speaks to compensation expert Manny Campione about what’s going on in the job market and how to effectively negotiate your salary. Plus, we hear from a 27-year-old from Edmonton who first tried to negotiate a raise at his ...
Renovating can help you get the home you otherwise can't afford
November 16, 2022 08:00 - 30 minutes - 27.7 MBFor those struggling to get a foothold in Canada’s expensive real estate market, home improvements aren’t a luxury - they’re a necessary evil to secure housing that fits their needs. But is doing the work a more affordable option than buying the perfect place? In this episode, we’re looking at how renovations can get you the home you want but otherwise can’t afford. We hear from two 35-year-old guests and their recent renovation experiences. The first, who lives in Victoria, B.C., bought a h...
Recession-beating tips for the job market, housing, investing and cost of life
November 09, 2022 08:00 - 30 minutes - 27.8 MBDisclaimer from Aligned Capital Partners Inc.: This podcast is for informational purposes only and not intended to be personalized investment advice. The views expressed are opinions of Aravind Sithamparapillai and may not necessarily be those of ACPI. Content is prepared for general circulation and information contained does not constitute an offer or solicitation to buy or sell any investment fund, security or other product or service.
Love in the time of inflation: How to manage rising costs when dating
November 02, 2022 08:00 - 22 minutes - 20.3 MBPandemic lockdowns made it harder for people to make new romantic connections. Now, inflation is making it more expensive. This has left people searching for creative ways to meet the love of their life - while spending less. In this episode, Rob and Roma hear from three Canadian daters to learn how they’re coping with higher costs and offer advice for ways to not break the bank while dating.
You're not bad at money - you're suffering from money shame
October 26, 2022 08:00 - 28 minutes - 25.7 MBYou’re broke, but you blow $100 on a dinner you can’t afford. Or maybe your colleagues are making more money doing the same job as you, but you don’t ask for a raise. You feel like you’re bad with money and your way of coping is to ignore your finances. These are common behaviours that can lead to something called money shame. In this episode, Roma speaks to Chantel Chapman, a Richmond, B.C.-based financial trauma researcher and educator about what money shame is, how it affects our financia...
How supercharged rents are crushing Canadians
October 19, 2022 08:00 - 28 minutes - 25.7 MBRents are soaring across the country, especially in Canada's biggest cities. To secure a place to live, some Canadians are competing in bidding wars or spending over 50 per cent of their monthly income on rent. Others are settling for short-term leases and long commutes. In this episode, we hear from three renters about what they went through to try and find a place to live and what it cost them. Plus, Rob talks to Shaun Hildebrand, the president of Urbanation, which researches condo, renta...
Coming soon: Season 6 of Stress Test
October 05, 2022 07:00 - 55 seconds - 863 KBJust when you thought pandemic-related financial challenges were ending, we have a new plot twist: the threat of a recession. The Globe's personal finance podcast for Gen Z and millennials is back to help make sense of it all. Join hosts Rob Carrick and Roma Luciw this season as they tackle the cash crunch many Canadians are facing when it comes to things like housing and dating, and provide practical advice to help you navigate rough economic waters.
Retirement might look different for Gen Z and millennials. Here’s how to plan for it
June 15, 2022 07:00 - 33 minutes - 31 MBFor our last episode of this season, we’re talking retirement – why it’s changing, and how to plan for it. We hear from Vicky (25), Irina (34) and Brent (36), who each have different visions of retirement and what they’re doing – or not doing – to plan for it right now. Plus, Rob speaks with Shannon Lee Simmons, a Toronto-based certified financial planner whose core clients are millennials and Gen Z, about shifting views of retirement and how you can best prepare.
Tempted to buy a home with siblings or friends? Here’s what you need to know
June 08, 2022 06:00 - 30 minutes - 28.3 MBMost people buy homes with their partners or by themselves. But others are ditching the traditional paradigm. Today, we’re talking about unconventional homebuyers: family members, friends and others that team up to get into the property market. We hear from two sisters who are trying to buy a house together – and who are struggling to get into the market even after joining forces. Plus, Roma speaks with Leah Zlatkin, a mortgage broker at Mortgage Outlet and expert at LowestRates.ca, about wh...
Mortgage 101: Everything you need to know about mortgages right now
June 01, 2022 06:00 - 29 minutes - 27.1 MBIf you’re a homeowner or want to be one, you probably have questions about mortgages. Like where to get a good deal, what factors to pay attention to and how to choose between fixed and variable rates. This week, we’ve got answers. Consider this episode your Mortgage 101 course. Mortgage planner and Globe and Mail columnist Robert McLister joins Rob and Roma to discuss mortgage basics and the changing interest rate environment. Plus, we hear from Angela Calla, a mortgage broker based in Po...
How TikTok changed the vibe of personal finance advice
May 25, 2022 06:00 - 28 minutes - 25.7 MBGen Z and millennials are getting a lot of their money advice from TikTok, where personal finance videos have more than 5.8 billion views. In this episode, we look at why the social media platform is resonating, how to use it effectively and what advice you should be wary of on the app. We hear from a 25-year-old TikTok user from Mississauga, Ont., about how he started getting personal finance advice from the platform. Plus, Roma speaks to Ellyce Fulmore, aka @queerd.co, a TikTok content cre...
How to balance green or ethical investing with making money
May 18, 2022 06:00 - 26 minutes - 23.9 MBBeing concerned about the planet and your finances can go hand in hand. Today, we’re talking about the rise in what’s called ESG (environmental, social and governance) investing and how people can balance their values with their financial goals. We hear from a 30-year-old in Ottawa who’s getting started in ESG investing because she cares about the environment – and she wants to make money. Plus, Rob speaks to The Globe’s business reporter Jeff Jones to learn more about how ESG funds are per...
Is the middle class dead for millennials and Gen Z?
May 11, 2022 06:00 - 29 minutes - 27.4 MBMany millennials and Gen Z’s have done everything “right” - they’ve graduated, found good jobs, are paying off their debt and saving money. So why is it so hard to live the middle class lifestyle their parents and older peers had at their age? In this episode, we hear from Cody, a 33-year-old living in Hamilton, Ont., who is frustrated at not being able to achieve many of his financial and life goals despite being a fiscally responsible adult. Plus, Rob talks to Paul Kershaw, a professor at t...
Gas prices are soaring. Are electric vehicles an affordable solution?
May 04, 2022 06:00 - 29 minutes - 26.9 MBIf you’re a Canadian driver, soaring gas prices are causing you to dig deeper at the pump these days. But is there any way to lower your vehicle costs? Today, we’re talking about the cost of car ownership and whether electric vehicles have made the move from being a luxury purchase to an affordable one. Rob speaks to Robert Karwel, an automotive industry expert at J.D. Power, for a closer look at what’s changed in the Canadian vehicle market and the potential for going electric. Plus, we hea...
Returning to the office will cost you and not everyone's willing to pay
April 26, 2022 00:00 - 30 minutes - 27.6 MBYour boss wants you back in the office, but after two years of remote work, you’re not sure you want to go. Whether you measure the cost in time or money, going back to work can be pricey. Many Canadians have grown to love their work from home lifestyle, and they’re eager to keep it. In the first episode of our new season, we hear from a 20-something who’s job-hunting because his employer is asking employers to return to the office two to three days a week. We also hear from a manager in her ...
Coming soon: Stress Test Season 5
April 19, 2022 00:00 - 1 minute - 1.39 MBSo much has changed in the last two years including how we work, where we live and what’s important to us. But your money matters just as much as it did pre-pandemic – maybe even more. The Globe’s personal finance podcast is back this month for its fifth season. Join hosts Rob Carrick and Roma Luciw as they talk with real people and experts to tackle the money questions on your mind. Up this season: the cost of going back to the office, the price of gas versus electric vehicles, the rise of e...
Cryptocurrencies are booming. But should you invest?
February 09, 2022 08:00 - 29 minutes - 27.2 MBCryptocurrencies are in the spotlight because of their dramatic ups and downs. So what are people who buy cryptocurrency thinking? And is it a smart investment? In our final episode of Season Four, Rob and Roma delve into the trend that is crypto investing. We hear from two investors: a Toronto millennial woman who started investing in crypto as a pandemic hobby, and a cautionary tale about crypto investing from a 26-year-old from Niagara Falls, Ont. Plus, Rob speaks with Braden Dennis and S...
Parents are bankrolling their kids’ house down payments - but can they afford it?
February 02, 2022 08:00 - 23 minutes - 21.8 MBHome prices have skyrocketed since the start of the pandemic, threatening to price a generation of young buyers out of the market. It’s gotten so bad that some parents are flat out giving their adult kids the money they need for a down payment. But what is that doing to their own finances? How widespread is this help? In this episode, we hear from parents of Gen Z and millennials about helping their kids buy homes - and what that means for their own finances.
Salary negotiation 101: How to ask for a raise (encore episode)
January 26, 2022 13:55 - 30 minutes - 27.8 MBA lot of people feel uncomfortable negotiating with their boss for a raise and other perks. But if you don’t ask, you won’t get. And it’s definitely a lot easier to save money if you’re making more of it. We hear from a group of friends (who tell each other everything) as they discuss their recent experiences asking for a raise. Plus, Roma talks to Hadiya Roderique, who taught negotiation at the University of Toronto’s Rotman School of Management and also was a lawyer. She shares her tips on...
Are you giving your parents money?
January 19, 2022 08:00 - 23 minutes - 21.5 MBAre you helping your parents by paying for groceries, house bills or even funding their retirement? The overwhelming trend in Canada is for parents to be supporting their adult kids financially. But today, we’re talking to the Gen Z and millennials who are in the opposite position and helping support their family. We hear from a 27-year-old from Stoney Creek, Ont., who has been helping her parents with monthly payments for over five years. Plus, Roma speaks to Natasha Knox, a Vancouver- base...
Rents are soaring. What does it mean for millennials and Gen Z?
January 12, 2022 07:00 - 28 minutes - 26.2 MBIf you’re a renter, you already know how unaffordable it’s getting. So how are people dealing with the rising costs? And what does it mean for their other financial goals - and for their life? We hear from a 25-year-old renter in Kelowna, B.C., who says finding a place to live was more stressful than finding a job. Then, we hear from a millennial couple with two young children who are renting in Markham, Ont. and have very different opinions about their current living situation. Plus, Rob sp...
City Space: How can cities hold onto the middle class?
December 15, 2021 00:00 - 23 minutes - 21.7 MBIn this bonus episode, we're bringing you an episode of City Space, a podcast from The Globe about how to make our cities better. A generation ago, a middle-class income could buy you a detached home in a big city. Now? Folks are finding they need to set their sights further and further away from any downtown centre if they want to hold fast to that dream. But as populations and climate emergencies rise, experts tell us that urban densification is the necessary path forward. So what do citi...
From investing to housing, personal finance experts share their predictions for 2022
December 08, 2021 09:00 - 34 minutes - 31.2 MB2021 was a year of surprises in personal finance. Who would have thought inflation would take off, housing could get even hotter and that job-hopping would be commonplace amid a global pandemic? So, what’s next? In this episode, Rob and Roma ask four personal finance experts - Robb Engen, Preet Banerjee, Erica Alini and Barry Choi - what they'll be watching in 2022. Plus, Rob and Roma share their own thoughts.
What you might not know about buy now, pay later plans
December 01, 2021 06:00 - 20 minutes - 19.2 MBIf you’ve bought anything online recently, chances are you’ve seen the buy now, pay later (BNPL) option when checking out. BNPL is an instalment payment plan that allows you to spread out the cost of your purchase over several increments, and often interest-free too. It sounds convenient and especially tempting around holiday season, but is it smart personal finance? In this episode, Rob and Roma delve into how BNPL has surged in popularity during the pandemic. We hear from two women in their...
Inflation is squeezing our finances. What can we do about it?
November 24, 2021 07:00 - 28 minutes - 25.8 MBIf you drive a car, buy groceries or pay for shelter, chances are you’ve noticed that right now you’re paying a lot more for things than you did last year. With the inflation rate higher than it’s been in decades, how concerned should you be? And what can you do to combat the rising costs? We hear from two millennials — a Torontonian hit by soaring food prices and a new homeowner in Calgary — to learn where Canadians are feeling the pinch and how they’re adapting. Plus, Roma talks to The Gl...
Is a hot housing market pricing Canadians out of their small towns?
November 17, 2021 07:00 - 20 minutes - 18.4 MBIf you’ve listened to our show over the last few seasons, you already know that soaring home prices have caused all kinds of problems for Gen Z and millennials looking to buy in big cities like Toronto and Vancouver. The search for more affordable housing sent some first-time buyers to smaller cities and towns. But how has that impacted the young Canadians who already lived in those places? What happens to affordability for locals with home ownership dreams? In this episode, Rob and Roma fin...
Coming Soon: Season 4 of Stress Test
November 03, 2021 00:00 - 1 minute - 1.58 MBYour favourite personal finance podcast is back for a fourth season. Join hosts Rob Carrick and Roma Luciw as they talk to real people and experts to tackle the money questions that have been on your mind. Coming up this season: what rising inflation means for you, those ‘buy now pay later’ options you’re seeing everywhere and of course, housing. Listen to the trailer and catch up on previous episodes now.
What it’s been like to invest during a pandemic
July 07, 2021 00:00 - 30 minutes - 24.5 MBInvesting has been one of the biggest financial stories of the pandemic. There was the stock market crash in March 2020, followed by a huge rebound. We’ve heard about meme stocks and cryptocurrencies. But what does it all mean for Gen Z and millennials? In the final episode of season three, we hear from listeners about their investment stories and how they reacted to all the ups and downs during COVID-19.
One family’s solution to Canada’s housing crisis
June 29, 2021 00:00 - 27 minutes - 25.3 MBOne way to cut housing costs is for multiple generations of a family to live together: often children, their parents and their grandparents. The concept isn’t new and it has many benefits, including affordability in expensive housing markets. But how do you make it work both financially and personally? We hear from a family that moved three generations into a home they designed and built in North Bay, Ont. Plus, Rob talks to Murtaza Haider, a professor of real estate management at Ryerson Uni...
The high cost of daycare
June 22, 2021 18:51 - 29 minutes - 26.9 MBPaying for childcare is not the first or second thing that comes to mind when you decide to start a family. So how do you plan for the impending costs that can be so high in Canada that some call it “the second mortgage”? We hear from Kristi, a 34-year-old who made the move from Saskatchewan to Victoria, B.C., with her husband during the pandemic while juggling debt, a new job, unemployment - and their first baby. Plus, Roma talks to Janine Rogan, a Calgary-based chartered professional accoun...