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What Next? Financial Predictions for 2017 and Beyond

By Krysten Merriman | January 3, 2017

This post is part of a series, where we ask some of Canada’s top personal finance bloggers to weigh in on topics that matter to Canadians. Click here for the full list of our favourite personal finance bloggers in Canada, or check out our curated Twitter list to follow them on Twitter.

In November, we asked what Millennials should be doing to improve their financial situation, and in December, they told us the single best (or absolute worst) piece of financial advice they ever received.

 

This month we asked:

“Tell us your financial predictions: what do you see happening in the next 5-10 years in the Canadian financial landscape?”


Pulling out my crystal ball, I think we won’t see many dramatic, quick changes, as satisfying as they are to contemplate. I fully expect things to be mostly the same, except in areas where they’re completely different, and I don’t know what those areas are (although I have a wish list!)

sandi-martinSandi Martin, Spring Personal Finance

@SandiMartinSPF
spring-personal-finance

 

 


I think FinTech will continue to disrupt the financial landscape and help drive fees down for the average consumer. The one change I’m most looking forward to is when regulators (finally) decide to ban trailer fees, or embedded commissions on mutual funds. There’s a mountain of evidence that suggests commissions influence fund flows. By removing these incentives, investors should receive conflict-free advice and consequently achieve better outcomes.

robb-engenRobb Engen, Boomer&Echo

@BoomerandEcho
boomer-and-echo

 

 


I’m not the best at predicting the future, but I’m confident that the broad stock market will continue to go up over the long term. Over any 15+ year period, the SP500 (a popular US stock market index) has never lost money. I also predict that the cost of managing money (mutual fund MERs) will continue to decrease due to the increasing popularity of index investing, and the low cost tools available (Robo-advisor) to manage a portfolio.

million-dollar-journeyMillion Dollar Journey

@FrugalTrader
milliondollarjourney

 

 


I see the housing market collapsing and many people struggling because they invested in something too big that they couldn’t really afford and likely the bank said it was ok.

We are a spend now, worry later nation and that mindset has to go. Credit cards and lines of credit are not free money pots and shouldn’t be abused by those who are view it as money they own or have earned. Far from the truth. Interest rates are going up, not down and it’s only bound to get worse with more stipulations put on loans. We can already see through the lines so why wait until something happens, start saving today and forget about what everyone else has concentrate what you have and what you need to get so you can forget you got paid today.

canadian-budget-binderCanadian Budget Binder

@CanadianBudgetB
canadian-budget-binder

 

 


 

I think that technology companies – whether it’s big banks with great tech, or new fintech companies – are poised to do really, really well as millennials who expect seamless technology options really start to move into their higher-earning years and (maybe, if they want to) start families. I just can’t see anyone I know being like, “Sure, they have a really bad app, but I’m going to stick with them and not shop around!”

desirae-odjickDesirae Odjick, Half Banked

@half_banked
half-banked

 

 


I’ve been saying it for 5 years now, but I still think real estate is a bubble ready to pop. The market here in Alberta has cooled due to the change in our economy, but Vancouver and Toronto are at risk of a major correction in the next few years.

tom-drakeTom Drake, Canadian Finance Blog

@CanadianFinance

canadianfinanceblog

 


I mentioned it before – the opportunity to make savings automatic. Consider savings like a bill payment, To You Inc.

Set up your savings (for an emergency fund, or investment purposes) automatically with your bank and never stop. If you get a raise or bonus from work some year, bank it. As you pay down your mortgage or pay off your car, bank it. You can increase your savings contributions for investment purposes as you get older and as debt obligations go down.

By saving a little bit, off the top, from every paycheque you’ll form a good financial habit (and start a retirement nest egg) that your future self will thank you dearly for.

mark-seedMark Seed, My Own Advisor

@MyOwnAdvisor
my-own-advisor

 

 


 

“I’m no clairvoyant, but I suspect Canadians will have even more choice in the future. How Canadians interact with their money is changing as technology increases. Online banks, robo-advisors, and fintech in general has just exploded in the last few years.

I also think loyalty will become less of an issue. People are going to look for the best deals or products. If it isn’t currently being provided to them, they’ll look elsewhere for it.”

barry-choiBarry Choi, Money We Have

 @BarryChoi
money-we-have

 

 


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Krysten Merriman

Krysten Merriman

Krysten Merriman | Marketing Director