Over the next few decades, around $30 trillion in wealth is 
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Personal Finance
What Happens When You Miss Paying a Vehicle Insurance Premium?
July 2, 2022
Even though no one wants to think about it, there could come a time when you can't pay your car insurance premium. If this happens to you, the best thing you can do is learn about the effects and take steps to fix the problem. Here's what happens if you don't pay your Cheapest Car Insurance in California and what you can do to fix the problem and ensure you don't lose your coverage.
What are the premium of car insurance?
Insurer premiums are your monthly payments toward your policy. The insurer will set your rate based on a few essential factors. These things are:
- Your record as a driver
- Your age
- Who you live with
- What kind of car do you own
- How much do you use your car
You can pay your insurance premiums in several different ways. Usually, you can pay with a monthly debit order, cash at the insurance company's office, or a monthly check. Depending on your carrier, you may also be able to pay online or through a mobile app. Many carriers will give you a discount if you pay your annual premium all at once instead of spending it every month. If you're able to do so, you can save some money.
What happens if you don't renew your policy?
Modern insurance companies use high-tech tools to stay in touch with their clients. When policyholders are almost due to pay their car insurance again, the insurance company will send them a reminder. Even after receiving a notice, if the premium is not paid on time, they will face the following:
1. You'll Receive a Reminder
When you don't pay your insurance bill on time, the first thing your insurance company will probably do is send you a bill reminder. Most likely, you'll get this reminder a few days after you missed the payment. It could come in the mail or as a text message. Some insurance companies may charge a small fee if you pay late. If you can, you should try to make peace now.
2. It is against the law
The Motor Vehicles Act of 1988 says that all vehicles must have third-party liability insurance. For anyone to be able to drive on Indian roads, they must have a valid and active insurance policy. If someone is caught without car or bike insurance, they will have to pay a lot of money and could even go to jail for up to 3 months.
3. You won't have insurance
You will not be able to file a claim if you don't pay your auto insurance premiums on time. So, if something wrong happens while the policy has expired, the policyholder will have to pay for it out of their own money because the insurance is no longer valid.
4. The price will go up
Insurance companies keep track of their customers' information. People who drive safely can get discounts on their policy premiums, but people who make many claims or don't pay their premiums on time might have to pay a high premium. If you don't renew your policy on time, you might have to buy a new one at a higher price.
5. You could lose your NCB
No-Claim Bonus is a discount that customers get if they don't make any claims during the life of their policy. If someone doesn't claim for 5 years in a row, they can get a discount of up to 50%. If the premium is not paid, there is a chance that the NCB benefit will be taken away.
6. You Could Lose Your Car
If you're leasing a car or using a loan to buy one, the lender will probably want you to have some insurance, like collision and comprehensive coverage. If you stop paying your insurance premiums and lose coverage, a lender has the right to take your car back.
What to do if your car insurance has run out?
1. Pay before the deadline
A missed insurance payment won't automatically result in your coverage being terminated. They give the policyholder a "grace period" of about 3 to 30 days to make the payment. They might sometimes have to pay a fine, which helps keep the policy in place.
2. Don't drive until the policy is updated
If someone drives a car without valid insurance, they are more dangerous. No matter how big or small an accident, the policyholder must pay for all the damage. It is best to wait until the policy is renewed before taking a chance.
3. Prepare the car for the survey
Before renewing the policy, some insurers might want to check out the car in person. Making an appointment as soon as possible is essential to avoid being late.
Conclusion
The latest thing you want to occur is to lose your insurance because you didn't pay your premium. After all the above things happen, you have no choice but to pay on time. There are benefits to this payment being made on time. The last thing you want to know is what happens if you don't pay your car insurance. The best method to stay secure is to stay up-to-date as you do your job. Overall, it's wise to keep in mind that paying for car insurance is just like paying for anything else.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Financial Guidelines That Will Help You When You Decide To Buy a New Car
Jun 28, 2022
Image Source: https://pixabay.com/photos/car-vehicle-sports-car-auto-63930/
When you're ready to buy a new car, it's important to have a plan in place. There are many factors to consider, such as the cost of the car, the cost of insurance, and how you will pay for it. In this article, we will discuss some financial guidelines that will help you make the best decision for your needs. We'll also provide tips on how to save money before you buy your new car. Let's get into it!
Compare Auto Insurance Quotes
The cost of insurance is one of the most important factors to consider when buying a new car. You'll want to compare quotes from multiple insurers to make sure you're getting the best rate. Be sure to ask about discounts that may be available, such as for safe drivers or good students. By comparing auto insurance quotes, you can be sure that you're getting the coverage you need at a price you can afford. Look for a policy that offers comprehensive coverage, as well as liability and collision coverage.
Buying A Car With Cash
If you have the cash on hand to pay for your new car outright, this is often the best option. You'll avoid paying interest on a loan, and you may even get a better deal from the dealer. You won't have to worry about making monthly payments. Be sure to set aside enough money to cover taxes and fees, as well as any extras you might want, such as an extended warranty or gap insurance. Of course, not everyone has the cash available to pay for a car in full. If this is the case for you, don't worry - there are still plenty of options for financing your new car.
Using A Credit Card To Buy A Car
If you have good credit, you may be able to finance your new car with a low-interest credit card. This can be a great option if you're able to pay off the balance quickly. Just be sure that you can afford the monthly payments and that you're comfortable with the interest rate before you commit to this method of financing. Some standard benefits of buying a car with a credit card include:
Image Source: https://pixabay.com/photos/car-bmw-steering-wheel-interiors-1281640/
Personal Loans
If you don't have good credit, or if you want to avoid using a credit card, you can apply for a personal loan. Personal loans are available from banks, credit unions, and online lenders. Be sure to compare interest rates and terms before you decide on a loan. You'll also want to make sure that you can afford the monthly payments. When taking out a personal loan, be sure to ask about any fees that may be charged.
- You can get a low-interest rate.
- You can spread the cost of the car over a number of years.
- You may be able to get a rewards card that gives you cash back or other rewards.
Shop Around For The Best Deals
When you're ready to buy a new car, it's important to shop around for the best deals. You can start by comparing prices at different dealerships. Be sure to take into account the cost of financing, as well as taxes and fees. You should also compare the features of different cars to find the one that's right for you. Don't forget to test drive each car before making your final decision!
Save Enough Money Before Buying
Once you've decided on the perfect car for you, it's time to start saving up for it. Begin by setting aside money each month into a dedicated savings account. If possible, try to save up the full purchase price of the car so that you can avoid taking out a loan. By saving up in advance, you'll be able to get a great deal on your new car! You can do this by cutting back on your spending, or by earning extra money through a side hustle.
See: UK Research: How consumers use savings apps
We hope that these financial guidelines have been helpful as you prepare to buy a new car. Remember to compare insurance quotes, shop around for the best deals, and save up in advance to get the most for your money. With a little planning and preparation, you'll be driving off in your new car in no time! Try to avoid using your credit card unless you're prepared to pay off the balance quickly. And be sure to take out a personal loan only if you're comfortable with the interest rate and monthly payments. By following these tips, you'll be on your way to getting a great deal on your new car!
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Which Is a Better Investment in a Bear Market: Public or Private Companies?
Guest Post | Jun 27, 2022
Contrary to popular perception, investing in bear markets can be very profitable. You just need to be a bit careful and choose the correct stocks to invest in.
Do you know what a bear market is? When the market index falls by 20 percent or remains between 10 and 19.90 percent, it is called a bear market. It appears just after an economic recession. It is caused by inflation, high interest rates, and more.
Is your head spinning at the thought of choosing between public vs. private companies? How do you know which is better during a bear market?
Let's compare public and private equity valuations and see where to invest in a bear market.
During a Bear Market, What Should Investors Do?
Investors should invest as they do under any market conditions, i.e., with a long-term view. A good strategy is to have a diversified portfolio and be willing to take on some risk.
When investing for the long-term in a bear market, investors should look for a few things:
Coffee Stocks
You should always look for stocks with a lot of future potential, like Monster Beverage, Coffee Holding Co., Nestle, and more. These coffee stocks are the best ones to invest in.
After water and tea, coffee has a great position in America. So you can get an idea of how popular it is and what its future looks like.
If you can find coffee stocks for a low price, buy them because they might go up in price over the next few years. Then you can be sure of having a solid position in the stock market.
Don't Expect to Pick Up the Bottom
Buy stocks of a company whose price has started falling. Don't worry if the price drops a bit after you buy it.
In the long run, it will become a great purchase. So don’t expect to see the price fall at the bottom.
High-demand Businesses
During bear markets, consumer staples, utilities, and health care tend to do better than other stocks.
In a bear market, the rising interest rates and slowing economy often hurt companies that deal in non-essentials. But good businesses have solid business models.
People invest in them for a long time. It works better than investing in companies with weak fundamentals. "Defensive stocks" is another name for them.
Gradually Increasing Low-priced Stock
Keep buying the stocks at a low price. It will increase the number of your holding stocks. Even if the price increases, you can still buy shares much lower than in the past.
Invest Regularly and Over Time
You can keep investing, buying stocks, and continuing financial activity in a bear market. For example, consider an equity crowdfunding campaign in the middle of a bear market.
If you have a 401(k) at work, make sure to put money in it regularly. It will help you buy more stock at a lower price.
It is a good plan, without a doubt.
Rebalance Your Portfolio to Stay on Track
You should rebalance your investment portfolio so that the different asset classes each have various percentages of the total. It will make it easier for you to acquire assets that fall below the ratio that you have set as a target.
How to Predict a Bear Market and Where to Put Your Money
During a bear market, some investors don't know what to do with their money. They become confused about investing in public vs. private companies: Which is better during a bear market?
Selling in a Hurry
Panic selling during a bear market is felt by many investors. Investors become anxious to liquidate their stocks for cash. Plus, they also tend to shift to government bonds.
Initially, selling stocks in a bear market may seem like a smart thing to do. But in the long run, it's a very risky thing.
Many investors sell during downtimes, which usually marks the end of a bear market. It reduces their long-term returns. As they miss the turning point in the market, they tend to underinvest for a long time.
You don't know if you can time the market right, and you're going against the stock market's long history of making up the losses after a bear market.
Risk-offset
In a bear market, there are many ways for an investor to choose instruments that pose a bad risk. It's also like taking tactical opportunities, like long-term Treasury bonds.
You can use inverse ETFs, short positions on individual stocks, and put options to take advantage of short-term drops in stock prices. Plus, it increases the value if the bear market is followed by a recession.
Whether it's an option premium paid or the maximum return cap on an annuity policy, all hedges have a cost. A structured investment can limit your gains but protect you from losses like annuities.
Furthermore, you can diversify and lower your portfolio equity to get the same benefits for less money.
A Defensive Approach
Stock market sectors alone are not good enough for a bear market. So the very first thing to do is to get different types of assets in the portfolio.
Volatility gets worse during a bear market situation and causes unstable changes in an investor's portfolio. But diversification controls it effectively.
Certain goods and services tend to be in demand, whatever the market conditions are: for example, utilities or health care products.
They help to generate cash and get high dividend yields. This becomes significant for many companies with a good balance sheet. Even in a bear market, they have a good share position compared with others.
Even though riskier stocks are risky throughout a down market, there is evidence that they do not beat safer ones in the long run. So it is good to clear out the riskier stocks during a bear market.
Bargain for Stocks
You can buy stocks at cheap rates with the help of bargaining. The price of every bear market has eventually become high later in history. So it's good to invest in stocks every month.
You can also buy riskier stocks at the end of a bear market. These have a great chance to do well from the beginning of recovery. But your hopes can be crushed if the bull market turns out to be another bear market.
Public vs. Private Equity Valuation and Profit
Most of the time, it is easy to figure out publicly-traded companies' and funds' prices and performance. For public companies, all you have to do is look at market prices and measure how they change.
But do you know how to figure out the value of a private company? For a comparable company analysis, you might need to find public companies similar to the private company in question.
The balance sheet is the best and most simple way. It helps figure out how much the book is worth.
See: Tiger vs. SoftBank: Inside the investing playbooks that upended Silicon Valley
Private equity firms have the best information about how much a private company is worth. There's a need for lots of data like balance sheets, decisions made, and other records. It will help to find accurate estimates of what they will pay.
But the valuation metrics do not work out as the market rises. For example, book values are not affected when the market brings short-term changes.
This means that private equity can do worse when market prices are increasing and much better when they are decreasing. It works opposite to their public equity.
The argument might seem made up. But it makes sense when you compare the performance of private equity to changes in the book value of public companies instead of their market price.
Over time, you can see that these differences will go away.
High net-worth individuals always find private equity a profit-making investment. But greater return comes with greater risk, as in venture capital, crowdfunding, private equity, and other alternatives.
In the private equity market, success depends on a high tolerance for risk and substantial liquidity. Furthermore, you might need one or more years to swell private equity investments.
Whether you invest in public or private, just make sure the business model is sound and there will be demand for that product in the future.
Similarly, investing in a private company will give you profit in the future, maybe for a long time. Plus, you will get enough time to pass through the bear market situation and make a profit in the bull market.
Conclusion
Everyone wants a bull market that raises stock prices. However, a downturn in the market can be an excellent time to add to your stock portfolio.
Stock sales can lose the market. How about low-priced stocks? Your stock price will rise when the bear market turns bull. You might make more money than expected.
Hopefully, you have found your answer about investing in public vs. private companies during a bear market? Start buying stocks today to boost your numbers.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Personal Finance Leaks That You May Have Not Considered
Jun 27, 2022
Image Source: https://unsplash.com/photos/nApaSgkzaxg
Do you have a solid financial plan in place? If not, you are not alone. Many people don't take the time to plan for their financial future, and this can lead to disaster down the road. In this blog post, we will discuss some personal finance leaks that you may have not considered. By being aware of these leaks, you can take steps to correct them and improve your overall financial situation.
1. Overspending on unnecessary things
To many people, their personal finances are like a black hole. They know they should be saving more and spending less, but somehow their money always seems to disappear. If you feel like you're constantly struggling to make ends meet, it might be time to take a closer look at your spending habits.
See: Is Open Finance worth getting excited about, or is it just spin?
One of the biggest financial leaks is overspending on unnecessary things. That new pair of shoes may be cute, but do you really need them? If you're constantly buying things you don't need, it's time to cut back.
Another way people leak money is by not taking advantage of discounts and coupons. There are so many ways to save money these days, but if you're not taking advantage of them, you're missing out.
2. Not taking advantage of tax breaks and other financial incentives
When it comes to personal finance, many of us focus on earning more money and ways to save. But another important aspect is making sure you're not overpaying in taxes. The Canadian government offers a number of tax breaks and other financial incentives that can help reduce your overall tax bill.
For example, did you know that you can claim a deduction for public transit passes? If you're self-employed, there are a number of deductions you can claim for business expenses. And if you have children, there are several child-related tax credits that can help lower your taxes.
Make sure you're taking advantage of all the tax breaks and incentives you're entitled to. It can make a big difference in your overall financial picture.
3. Underestimating the cost of living expenses
If you’re not careful, your cost of living could easily eat up most – if not all – of your income. Make sure to track your spending and give yourself a buffer for unexpected costs.
One common mistake people make is underestimating their cost of living. This can lead to serious financial problems down the road. Make sure to take a close look at your spending habits and make sure you have a realistic idea of how much it costs to live.
Another thing to keep in mind is that unexpected costs can pop up at any time. For example, if you have a pet, having pet insurance coverage could save you a lot of money in the long run. That way, if your pet gets sick or injured, you’re not stuck with a huge bill.
There are all sorts of financial leaks that can happen if you’re not careful. The key is to be aware of them and take steps to prevent them.
4. Failing to save money for a rainy day
One of the biggest financial leaks is failing to save money for a rainy day. An emergency fund is crucial because it acts as a buffer between you and debt. It can help you avoid going into debt or taking on high-interest loans when unexpected expenses pop up.
Without an emergency fund, even small unexpected costs can quickly derail your finances. So if you don’t have one already, start working on building up your rainy-day fund today.
5. Investing in risky or unstable ventures
You may have heard the saying, "The higher the risk, the higher the reward." While this may be true in some cases, it's definitely not always the case. When it comes to your personal finances, you should be more conservative with your investments and only put your money into ventures that you're reasonably sure will give you a return.
Also, be wary of get-rich-quick schemes. If something sounds too good to be true, it probably is. Be careful not to put all your eggs in one basket and invest in a variety of different ventures to minimize your risk.
Image Source: https://unsplash.com/photos/pypeCEaJeZY
In the end, these are some of the most common financial leaks people have in Canada. While some of them may be obvious, others may surprise you. The key is to be aware of all the ways your money can leak out so you can take steps to plug those holes. Good luck!
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Avoid These 6 Common Errors That Forex Day Traders Make
Jun 25, 2022
Image: Pixabay
Making money in the Forex market is not as difficult as many people think. In fact, with a little knowledge and practice, just about anyone can become a successful Forex trader.
However, there are some common mistakes that many traders make which can lead to losses. Here are six of the most common errors to avoid.
Not Having a Guidance
Many novice traders try to go it alone, without any guidance or mentorship. This is a mistake. While it's certainly possible to make money in the Forex market without any help, it's much harder than it needs to be. A good mentor can teach you the ropes, help you develop a winning strategy, and provide support and motivation
Additionally, many traders don't have the time or the means of following the volatile market and analyzing data on their own. The good news is that there are plenty of tools and resources available to help you make informed decisions. You can use Learn2Trade signal services, among others, to get accurate and up-to-date information on the market, as well as trade recommendations. These signals, or trading alerts, can give you the information and confidence you need to make profitable trades.
Not Having a Plan
Many new traders jump into the market without a clear plan or strategy. They may have a general idea of what they want to do, but they don't have specific goals or a concrete plan for achieving them. As a result, they often make impulsive decisions and take unnecessary risks. A trading plan is essential for success in the Forex market. It should include your goals, risk tolerance, and strategies for entering and exiting trades.
However, your plan should be flexible and adapt to changing market conditions. It's also important to keep a journal of your trades so you can review and learn from your successes and failures.
Overtrading
Overtrading is another common mistake that traders make, especially when they're new to the market. When you overtrade, you take too many positions, which can lead to losses. It's important to remember that even the best traders only win a minority of their trades. By overtrading, you're increasing your risk and putting your capital at unnecessary risk.
To avoid this, it's important to stick to your plan and only take trades that fit your criteria. It's also a good idea to set daily, weekly, and monthly limits on the number of trades you take. This will help you stay disciplined and avoid overtrading.
Not Managing Your Risk
When you trade in the Forex market, you're exposed to a certain amount of risk. This is why it's important to manage your risk by using stop-loss and take-profit orders. A stop-loss order is an order to sell a currency pair when it reaches a certain price. This price is usually below the current market price. A take-profit order is an order to buy a currency pair when it reaches a certain price. This price is usually above the current market price.
By using stop-loss and take-profit orders, you can limit your losses and lock in profits. This will help you protect your capital and increase your chances of making a profit.
Not Being Patient
Patience is a virtue in the Forex market. Many new traders want to make quick profits and they take trades without considering the long-term effects. This often leads to losses. Instead of trying to make quick profits, you should focus on developing a long-term strategy. This means taking trades that have the potential to generate large profits over time.
It's also important to remember that the Forex market is volatile and prices can move quickly. This means that there will be times when you'll have to wait for the perfect opportunity to enter a trade. By being patient and waiting for the right opportunity, you'll increase your chances of making a profit.
Not Managing Your Emotions
Last but not least, it's important to manage your emotions when trading in the Forex market. This can be difficult, as emotions can cloud your judgment and lead to impulsive decisions. When you're in a trade, it's important to stay calm and rational. This way, you can make decisions based on your analysis, rather than your emotions.
See: Coinbase Diversifying Revenue Streams, Testing Fee-free Trading Subscription Model
If you find it difficult to control your emotions, there are several things you can do. First, you can use a demo account to practice trading without risking any capital. Second, you can develop a trading plan and stick to it. This will help you stay disciplined and prevent you from making impulsive decisions. Finally, you can seek professional help if you feel like your emotions are affecting your trading.
Image: Unsplash
The above mistakes are some of the most common that Forex day traders make. By avoiding these errors, you'll increase your chances of success in the Forex market and you'll be able to make more consistent profits.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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What Millennials Want From Their Wealth Management Firm
Quartz | Tiffany Ap | Jun 16, 2022
Over the next few decades, around $30 trillion in wealth is expected to be passed down from Baby Boomers to millennials.
- A survey from Capgemini Research Institute found that they’re going to be pickier customers for wealth management firms than their parents and grandparents.
- Surveyed nearly 3,000 high net worth individuals (HNWI), defined as people with investable assets of $1 million or more and found that millennials coming into wealth are far more price-sensitive than the previous generation, especially in a bear market.
- A majority of them are switching advisors to find a better fit compared to what may have worked for older investors.
- Millennials prefer a hybrid model for advisory services and information. The pandemic caused HNWIs to reduce dependency on wealth managers and become more actively involved in investing, spurring demand for self-directed tools.
See: 5 Drivers Behind the Sustainable Investing Shift
- The millennial “freemium” mindset” that has developed over the last 10 years is another factor.
- Younger HNWIs are less willing to pay for straightforward access because they expect that for free in exchange for data or deposits.
- About half of millennials surveyed said they had changed their primary wealth management firm in the past year, with high fees and lack of digital expertise among the top reasons.
- Over 70% of high net worth individuals have invested in digital assets, and for those under the age of 40, that number rose to 91%.
In two generations, women will hold 70% of global wealth
Wealth asset management firms should also plan for another big change in the investor pool: the growing importance of women.
- Women will manage two-thirds of household wealth by 2030, and increase their share of global wealth from about half to 70% within two generations, according to the Royal Bank of Canada.
- Much of the fortunes of men who pass away will end up in the control of female spouses who tend to be both younger and live longer, according to an analysis by consulting firm McKinsey
See: July 14 NCFA Event: Annual Fintech & Funding Summer Kickoff and Rooftop Patio Mixer
Capgemini’s Ghanem:
“Women are working more, they are highly educated, more engaged, more visible and vocal, when women were previously behind the scenes. What was there, but not mentioned, is becoming quantified. It’s the positive consequence of many years of pushing women to be at the front.”
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Apple Finally Unveils its BNPL Offering. 4 Things to Know Before Signing Up
MarketWatch | Aarthi Swaminathan | Jun 8, 2022
After months of speculation, Apple finally unveiled its buy now, pay later offering this week, wading into an industry that’s experienced explosive growth. But consumers should be wary of jumping into the service and first consider some of the potential pitfalls, observers say.
Buy now, pay later — also known as “BNPL” — startups offer a simple product (at least on the surface): A consumer who uses the product to make a purchase can divide the cost into four smaller installments, which are mostly interest-free, made over a few weeks.
Already a red-hot product, BNPL is likely to see a powerful surge in interest with the entry of a tech behemoth like Apple, analysts say. Apple’s BNPL product is powered by the Mastercard network, and it is slated to be available wherever Apple Pay is a payment option. Payments can be managed on the iPhone itself via Apple Wallet.
See:
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Why BNPL Swedish giant Klarna has sights set on Canada
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Financial Consumer Agency of Canada publishes BNPL pilot study
Here are four reasons shoppers may want to tread carefully before signing up for a BNPL program, according to experts.
- Interest-free installments do not mean a buy-now-pay-later purchase is cheaper. In splitting a payment into four and making an expensive item “cheaper” and more manageable by paying in installments, there’s a potential danger of overspending.
- Buying now and paying later for essential goods could be a sign of financial distress. There’s also a potential for deferring payments unnecessarily, particularly for essential goods, which could become a Band-Aid that masks deeper financial problems.
- BNPL could potentially affect your credit score in the future. Late fees are not substantial, as of now. But with credit bureaus looking at BNPL and thinking of how to account for them in users’ credit scores, there is a potential for some damage to occur to your credit score in the near future.
- The good times may not last forever if BNPL companies changing tack, because offering zero-cost installment loans amid an inflationary backdrop could become costly — and, therefore, destined to be short-lived.
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