With issues like the war in Iran and tariffs, how screwed is our generation?

By Aravind Sithamparapillai, financial planner with Ironwood Wealth Management Group

As told to Robert Gerlsbeck.

Here’s the answer to this week’s reader question.

How screwed is our generation with the result of the trade and Iran war?

—Ashley

How the Iran war may affect young Canadians’ finances

It makes sense that you may feel stressed by world events. Right now, it can seem like everything is stacked against young generations—more global conflicts, tariffs on Canada, the effects of artificial intelligence on the job market, and the high prices of both buying and renting make it seem like there is no room to get ahead financially.

That’s a lot to carry, and it can feel like far more than other generations had to contend with when they were younger.

To tackle this question effectively, we need to break it down into general investing, careers and personal finance.

Uncertainty can bring opportunity

It’s important to remember that tough times aren’t new. Think about the 2008 financial crisis or the COVID pandemic. Things looked uncertain. Markets dropped, people were worried about jobs and the future felt shaky. And yet, over time, economies recovered and, in many cases, grew stronger.

History shows that some of the best long-term investing results come from the hardest moments, when things feel the worst.

That doesn’t mean today’s challenges aren’t real. They are. But it also doesn’t mean that everything is out of your control. You are starting your journey during a tough chapter. But uncertainty also means the potential for flexibility, more choices and the opportunity to get creative.

So what can you do? 

First, focus on building your career with flexibility in mind.

Planning a career during volatile times

The world is changing quickly. At one time, the most sought-after careers were in finance or consulting. Then it was tech. Now it’s AI. The reality is, no one knows where the best opportunities will be in the next few years.

That means you don’t have to get it perfect right away. You can explore, pivot and keep learning. Today, you have access to more information and connections than ever before—through online content, affordable learning platforms and direct access to people working in industries you’re curious about.

This evens the playing field for you, compared to others who may have had a leg up by virtue of experience. When an industry undergoes a major change (as so many are today), the value isn’t always in who has been there the longest, but in who can learn and adapt the fastest to a shifting environment.

Sometimes, the best career move isn’t finding a “forever” job but choosing a role that pays the bills while helping you build the skills for your next step.

Saving is as important as ever

If you’re working and covering your expenses, turn your attention to what you can control: your finances.

The most powerful thing you can do is start small and stay consistent. Saving even $25 or $50 from each paycheque matters. It might feel tiny, but over time it builds into a habit—and that habit grows. Just like going to the gym, the best results come from disciplined, consistent focus.

Also, try “practising” for future goals. If you hope to own a home someday, try saving for what that lifestyle might cost—even while you’re still renting. If you think you’ll want kids, set aside the amount of money it might take to feed that extra mouth (or two). This helps you understand what’s realistic for you.

Saving matters because it creates options. A financial cushion can give you the confidence to change careers or go back to school. It helps remove the most common roadblock most people face in their lives: “I don’t know if I can afford to.”

Some of this may sound repetitive, but the age-old advice to “spend less than what you make” and “save for a rainy day” are timeless. What’s different is what that rainy day might look like for your generation. In prior eras, rainy-day savings were always for job loss or some other situation we hoped would never come to pass. For you, with everything we’ve spoken about here, you can find the silver lining in adversity by reframing it from “saving to survive what I hope never happens” to “saving to fund the chance opportunity that’s just around the corner for me.”

The good news is your generation is not doomed. You are resilient, you’ve weathered several “once in a lifetime” events already (remember COVID?), and you’re still standing strong. 

I’m optimistic for our future because of you.

Robert Gerlsbeck is a freelance editor and journalist. He is based in Kingston, Ont.

Read more from this issue of The Get:

1. Why gas prices are only part of what’s pushing grocery prices
2. MVP: Karia Samaroo on why you’ve got cryptocurrency all wrong
3. Are entry level jobs dead thanks to AI?
4. True or False: You can’t say no to a wedding