Will young Canadians be able to leave the financial legacy they want?

While most kids were trading Pokémon cards on the playground and rehashing the previous night’s episode of The O.C., Garbo Kwan was worrying about money. It’s an anxiety she inherited from her parents, who immigrated to Canada from Hong Kong in 1994 in search of a better life for their family.

Saving money was a defining theme of home life for Kwan, who learned to rarely buy anything for herself; if she did, it had to be deeply discounted. “To this date, I still usually never shop at full price, because I’ve only done that my whole life,” she says., and to leave her future family. Not to mention wanting to fund the typical desires of a 29-year-old, like traveling with her husband and treating herself from time-to-time.

Of course, most 18 year olds aren’t necessarily thinking about building a family and accumulating wealth for them — but Davies says investing money is important whether you have or want kids or not. While a TFSA is great to grow savings for when you have children, it can also be used to save for short term goals, like a big trip or a car. Your savings goals might change over time, but the savings themselves will continue to accumulate while deciding what you want to do with your money.

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