Financial Podcast Reveals Many Significant New Financial Challenges Young Manitobans Are Struggling With

Winnipeg – Younger Manitobans are being blamed for their failure to financially launch – but a new podcast explores how the classic rules of managing money have changed on them. 

This November, the Manitoba Financial Services Agency (MFSA) will launch “The Great Disconnect,” a six-episode series exploring the causes and impacts of the challenges facing younger Manitobans today as they strive to plan their financial futures.   

“The reality is that younger investors are in a whole different ballgame of financial management and planning,” says Ainsley Cunningham, podcast host and Education and Communications Manager with the MFSA. “That paradigm shift often suggests that older generations are pegging them as lazy or irresponsible. This couldn’t be further from the truth and this disconnect can lead to increased risk taking, exposure to fraud and, more importantly, a break-down in critical, frank conversations between families and society about money.”

Cunningham will bring listeners on a thoughtful exploration of the root causes of what’s truly different for this generation of money managers. The podcast centres on the raw stories of five Manitobans under the age of 34. From issues with settling in as a newcomer, to social upheaval and family dynamics, these young Canadians tell a stark tale of sometimes being blamed as immature—and worse—by older generations who have benefited so much from different conditions.

“My mom is currently retired, though she does work part time just for something to do,” says Caressa Heinrichs, one of the young investor panelists featured in the podcast. “But I don't think I'll be as comfortable as she is. She was really good about saving. She paid off her house. I'm not sure if my future will look the same, especially given rising costs, how much I'm paying for rent, and just the struggle to even save money when the cost of living is so high. We'll see how things go but I don't feel super optimistic.”

These rich stories are amplified with insights from economists, social media experts, and financial planners, who explore how these challenges hold young people back and the societal and personal consequences that impact us all. It exposes harsh realities that some of today’s young adults are forced into high-risk investments with their savings in order to fund their post-secondary education, and their social media savviness can be used against them such as in the GameStop investing case from 2021.   

“We need a younger demographic to resist the idea that somehow they’re personally failing,” adds Paul Kershaw, Professor, University of British Colombia School of Population and Public Health and Founder of Generation Squeeze. “That when your hard work doesn’t pay off as well as it did in the past, that’s not a personal failure, that is a systems failure.”

The signs of a changing financial world are here. In a recent 2021 study, MoneySmart Manitoba found that fewer than 30 per cent of investors ages 25 to 35 trust their financial institutions for advice. And the shift to online, DIY investing is real with almost 20 per cent in the same age range managing a self-directed online investing portfolio. 

“The Great Disconnect” intends to start the conversation between families, friends and the community about what is impacting younger people’s financial decision-making, and why it’s everyone’s business. This is a follow-up series to the Calling Out Fraud podcast which launched in March 2022.  The GreatDisconnect will feature new episodes throughout November, in recognition of Financial Literacy Month.

Episodes will be available on Spotify, Apple and YouTube.

‘The Great Disconnect’ – launches Monday, Nov. 7, 2022 at 9 a.m. CST.

Featured Experts:

·         Simon Belanger, Co-creator, Canadian Investor Podcast

·         Robert Chernomas, Professor University of Manitoba,

·         Sean Geobey, Professor, University of Waterloo

·         Jeff Hodgson, Managing Director, Industry and Stakeholder Affairs at CPP Investment Board

·         Spencer Jakab, Public Guardian & Trustee of Manitoba, Legal Counsel;

·         Paul Kershaw, Professor, UBC School of Population and Public Health and Founder of Generation Squeeze

·         Carolyn Lussier, Financial Advisor;

·         Enoch Omolulu , Finance Expert, specializing in helping new Canadians

·         Arian Poushangi, Legal Counsel, Manitoba Securities Commission

·         Dan Richard, Finance Chair on the Board of Directors, Indigenous Chamber of Commerce in Manitoba.

·         Kerstin Roger, Professor in Community Health Sciences at the University of Manitoba

·Samsom Williams, Entrepreneur and Finance Expert, specializing in operations & technology, healthcare and financial services crisis management

Featured Youth Panel:

·Anjola Aderinto, Recent Graduate, University of Winnipeg

·         Varun Gudral, Administrative Assistant, Manitoba Agriculture

·         Caressa Heinrichs, Investigation Assistant, Manitoba Securities Commission

·         Destiny Massey, Student

·         Ivanna Romero, STEP Student, Manitoba Financial Services Agency

a is an online education portal where Manitobans can grow their financial knowledge. Brought to you by the Manitoba Financial Services Agency (MFSA), it provides unbiased, vital information and tools to help build confidence and tackle some of the money issues that many Manitobans face in their day-to-day lives.

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